Bank loan – Kenke Pelicula http://kenkepelicula.com/ Wed, 21 Sep 2022 08:03:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenkepelicula.com/wp-content/uploads/2021/10/kenke.png Bank loan – Kenke Pelicula http://kenkepelicula.com/ 32 32 Court orders auction of MPA assets in bank loan default case https://kenkepelicula.com/court-orders-auction-of-mpa-assets-in-bank-loan-default-case/ Fri, 02 Sep 2022 07:00:00 +0000 https://kenkepelicula.com/court-orders-auction-of-mpa-assets-in-bank-loan-default-case/ LAHORE: A banking court has ordered an auction of property owned by PML-N MPA Arshad Javed Warraich to recover a defaulted Rs 20 million bank loan from him. The court set September 5 for the auction of the property and appointed an auctioneer. The court issued the order on a loan recovery action filed by […]]]>

LAHORE: A banking court has ordered an auction of property owned by PML-N MPA Arshad Javed Warraich to recover a defaulted Rs 20 million bank loan from him.

The court set September 5 for the auction of the property and appointed an auctioneer.

The court issued the order on a loan recovery action filed by a private bank.

The bank’s lawyer argued that the defendant MPA obtained a loan of 20 million rupees and mortgaged a property in Sialkot measuring 30 kanal six marla. He further stated that the defendant defaulted (PMLN MPA) on the loan and avoided legal proceedings.

He asked to order the auction of the defendant’s mortgaged property so that the amount of the loan could be recovered.

The court cleared the bank’s suit and appointed lawyer Rana Abdul Mannan as the court’s auctioneer to conduct the auction of the property to repay the bank loan.

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AIB seeks competitive clearance for final deal on Ulster Bank loan book https://kenkepelicula.com/aib-seeks-competitive-clearance-for-final-deal-on-ulster-bank-loan-book/ Thu, 25 Aug 2022 15:26:00 +0000 https://kenkepelicula.com/aib-seeks-competitive-clearance-for-final-deal-on-ulster-bank-loan-book/ AIB has formally sought clearance from the Competition and Consumer Protection Commission (CCPC) for its acquisition of Ulster Bank’s successful follow-on mortgage portfolio. he deal for the €5.7 billion loan portfolio, completed on June 1, is the latest in a series of deals prompted by the impending departures of Ulster and KBC from the Irish […]]]>

AIB has formally sought clearance from the Competition and Consumer Protection Commission (CCPC) for its acquisition of Ulster Bank’s successful follow-on mortgage portfolio.

he deal for the €5.7 billion loan portfolio, completed on June 1, is the latest in a series of deals prompted by the impending departures of Ulster and KBC from the Irish market.

This follows the CCPC’s approval of AIB’s purchase of Ulster Bank’s €4.2bn corporate and commercial lending business in April, one of several large deals completed by AIB. AIB’s Managing Director, Colin Hunt, for the past two years.

The mortgages, priced 1pc above the ECB rate and acquired at a slight discount to face value, will add €90m to AIB’s income from next year , according to the bank.

AIB said it intended to engage a third-party service provider to administer the portfolio of 47,000 loans. The service agreement will have no impact on customers, who will retain their existing terms and conditions, the bank said.

The CCPC has reviewed several major banking sector deals over the past year, as AIB, Bank of Ireland and Permanent TSB all scooped up the best parts of Ulster Bank and KBC.

In May, the watchdog conditionally approved the Bank of Ireland’s acquisition of KBC’s €9 billion performing mortgage portfolio after a lengthy review.

The BOI will have to provide lines of finance to non-bank mortgage providers as a remedy to competition under the deal. This agreement is still awaiting the approval of Finance Minister Paschal Donohoe.

Permanent TSB’s purchase of €7.6bn of small business loans from Ulster Bank was cleared last month and is also on the minister’s desk.

The billions in asset transfers will leave Ireland with a highly concentrated retail banking market of just three major players as the last two foreign banks leave the market.

CCPC said in April that international studies have shown that less banking competition leads to poorer outcomes for borrowers in terms of pricing, innovation and service.”

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Guggenheim Third Quarter 2022 High Yield and Bank Lending Outlook: Credit Yields Look Attractive… | New https://kenkepelicula.com/guggenheim-third-quarter-2022-high-yield-and-bank-lending-outlook-credit-yields-look-attractive-new/ Wed, 24 Aug 2022 18:25:47 +0000 https://kenkepelicula.com/guggenheim-third-quarter-2022-high-yield-and-bank-lending-outlook-credit-yields-look-attractive-new/ We offer guidance on what investors can expect as the recession approaches, as well as ways to prepare. NEW YORK, Aug. 24, 2022 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its outlook for high yield and bank lending for the third quarter 2022. Titled […]]]>

We offer guidance on what investors can expect as the recession approaches, as well as ways to prepare.

NEW YORK, Aug. 24, 2022 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its outlook for high yield and bank lending for the third quarter 2022. Titled “Credit Yields Look Attractive Despite Rising Recession Risks,” the report explores opportunities for credit investors at a time when yields on high-yield corporate bonds and bond loans of leverage increase.

Among the highlights of the 16-page report:

  • Although July saw a strong rally in risk assets, a looming concern is that aggressive Federal Reserve (Fed) policy will trigger an economic recession in the United States, a risk that is increasing with data showing stubbornly persistent inflation as even as economic activity cools.
  • After experiencing the worst first half on record, when returns were negative at 14%, high yield investors are understandably anxious. The same is true for holders of leveraged loans, which performed better, but still declined by 4.4%.1
  • The likelihood of a recession in 2023 increases significantly, but there are signs that the recession may have already arrived.
  • As the recession approaches, we expect the corporate earnings outlook to decline, more downgrades than upsides, and default activity to rise from its current low. .
  • Strong balance sheets that exhibit a healthy liquidity profile and stable cash flows to cushion a decline in economic activity will be in demand.
  • As we navigate downside risks, our approach is to select the best credits within sector silos rather than avoiding cyclical sectors altogether. For example, we found value in some stocks in the consumer cyclical space that investors tend to avoid during recessions.
  • We believe that some companies in disadvantaged categories are well positioned to survive a recession due to their healthy liquidity profiles and stable cash flows, which often come from long-term contracts in place or the bargaining power of transmitters.
  • High yield corporate bond yields are nearly 8% and leveraged loan yields are nearly 9%.1 Each traded at average yields of 6.3 to 6.4 % since 2010.
  • There have only been a few periods in the past decade when returns have been this high, and many credit investors have since regretted missed opportunities.

For more information, please visit http://www.guggenheiminvestments.com.

1. Source: Guggenheim Investments, Bloomberg. Total return data as of 30.06.2022. Yield data as of 8.5.2022. High yield corporate bonds are represented by the ICE BofA US High Yield Index. Leveraged loans are represented by the Credit Suisse Leveraged Loan Index.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with over $228 billion1 in total assets across fixed income, equity and alternative strategies. We focus on the return and risk needs of insurance companies, private and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers and high net worth investors. Our more than 250 investment professionals conduct rigorous research to understand market trends and identify undervalued opportunities in often complex and under-tracked areas. This approach to investment management has enabled us to deliver innovative strategies that offer opportunities for diversification and attractive long-term results.

1. Guggenheim Investments assets under management are as of 06/30/2022 and include leverage of $18.3 billion. Guggenheim Investments represents the following affiliated investment management companies: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC and Guggenheim Partners India Management.

Investing involves risk, including possible loss of principal. Investments in fixed income instruments are subject to the possibility that interest rates will rise causing their value to decline. High yield and unrated debt securities have a higher risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and loan-backed obligations (“CLOs”), generally receive payments that are partly interest and partly repayment of principal. These payments may vary depending on the repayment rate of the loans. Certain asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear risks similar to direct investment in loans, such as credit, interest rate, counterparty, prepayment, liquidity and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or variable interest rate.

This material is distributed or presented for informational or educational purposes only and should not be construed as a recommendation of any particular security, strategy or investment product, or as advice to investment of any kind. This material is not provided on a fiduciary basis, may not be relied upon for or in connection with making investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The contents herein are not intended to be and should not be construed as legal or tax advice and/or legal advice. Always consult a financial, tax and/or legal professional regarding your particular situation.

This material contains the opinions of the author, but not necessarily those of Guggenheim Partners, LLC or its affiliates. The opinions contained in this document are subject to change without notice. Forward-looking statements, estimates and certain information contained herein are based on proprietary and non-proprietary research and other sources. The information contained herein was obtained from sources believed to be reliable, but its accuracy is not guaranteed. Past performance does not represent future results. There is no representation or warranty as to the current accuracy of decisions based on this information, nor any liability for it. No part of this material may be reproduced or referred to in any form without the express written permission of Guggenheim Partners, LLC.

Media Contact

Gerard Carney

Guggenheim Partners

310.871.9208

Gerard.Carney@guggenheimpartners.com

Copyright 2022 GlobeNewswire, Inc.

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Guggenheim Third Quarter 2022 High Yield and bank loan https://kenkepelicula.com/guggenheim-third-quarter-2022-high-yield-and-bank-loan/ Wed, 24 Aug 2022 18:25:34 +0000 https://kenkepelicula.com/guggenheim-third-quarter-2022-high-yield-and-bank-loan/ We offer guidance on what investors can expect as the recession approaches, as well as ways to prepare. NEW YORK, Aug. 24, 2022 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its outlook for high yield and bank lending for the third quarter 2022. Titled […]]]>

We offer guidance on what investors can expect as the recession approaches, as well as ways to prepare.

NEW YORK, Aug. 24, 2022 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its outlook for high yield and bank lending for the third quarter 2022. Titled “Credit Yields Look Attractive Despite Rising Recession Risks,” the report explores opportunities for credit investors at a time of rising yields on high-yield corporate bonds and mortgage loans. leverage.

Among the highlights of the 16-page report:

  • Although July saw a strong rally in risk assets, a looming concern is that aggressive Federal Reserve (Fed) policy will trigger an economic recession in the United States, a risk that is increasing with data showing stubbornly persistent inflation as even as economic activity cools.
  • After experiencing the worst first half on record, when returns were negative at 14%, high yield investors are understandably anxious. The same is true for holders of leveraged loans, which performed better, but still declined by 4.4%.1
  • The likelihood of a recession in 2023 increases significantly, but there are signs that the recession may have already arrived.
  • As the recession approaches, we expect the corporate earnings outlook to decline, more downgrades than upsides, and default activity to rise from its current low. .
  • Strong balance sheets that exhibit a healthy liquidity profile and stable cash flows to cushion a decline in economic activity will be in demand.
  • As we navigate downside risks, our approach is to select the best credits within sector silos rather than avoiding cyclical sectors altogether. For example, we found value in some stocks in the consumer cyclical space that investors tend to avoid during recessions.
  • We believe that some companies in disadvantaged categories are well positioned to survive a recession due to their healthy liquidity profiles and stable cash flows, which often come from long-term contracts in place or the bargaining power of transmitters.
  • High yield corporate bond yields are nearly 8% and leveraged loan yields are nearly 9%.1 Each has traded at average yields of 6.3-6.4% since 2010.
  • There have only been a few periods in the past decade when returns have been this high, and many credit investors have since regretted missed opportunities.

For more information, please visit http://www.guggenheiminvestments.com.

1. Source: Guggenheim Investments, Bloomberg. Total return data as of 30.06.2022. Yield data as of 8.5.2022. High yield corporate bonds are represented by the ICE BofA US High Yield Index. Leveraged loans are represented by the Credit Suisse Leveraged Loan Index.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with over $228 billion1 of total assets in bond, equity and alternative strategies. We focus on the return and risk needs of insurance companies, private and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers and high net worth investors. Our more than 250 investment professionals conduct rigorous research to understand market trends and identify undervalued opportunities in often complex and under-tracked areas. This approach to investment management has enabled us to deliver innovative strategies that offer opportunities for diversification and attractive long-term results.

1. Guggenheim Investments assets under management are as of 06/30/2022 and include leverage of $18.3 billion. Guggenheim Investments represents the following affiliated investment management companies: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC and Guggenheim Partners India Management.

Investing involves risk, including possible loss of principal. Investments in fixed income instruments are subject to the possibility that interest rates will rise causing their value to decline. High yield and unrated debt securities have a higher risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and loan-backed obligations (“CLOs”), generally receive payments consisting partly of interest and partly of repayment of principal. These payments may vary depending on the repayment rate of the loans. Certain asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear risks similar to direct investment in loans, such as credit, interest rate, counterparty, prepayment, liquidity and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or variable interest rate.

This material is distributed or presented for informational or educational purposes only and should not be construed as a recommendation of any particular security, strategy or investment product, or as advice to investment of any kind. This material is not provided on a fiduciary basis, may not be relied upon for or in connection with making investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content herein is not intended to be and should not be construed as legal or tax advice and/or legal advice. Always consult a financial, tax and/or legal professional regarding your particular situation.

This material contains the opinions of the author, but not necessarily those of Guggenheim Partners, LLC or its affiliates. The opinions contained in this document are subject to change without notice. Forward-looking statements, estimates and certain information contained herein are based on proprietary and non-proprietary research and other sources. The information contained herein was obtained from sources believed to be reliable, but its accuracy is not guaranteed. Past performance does not represent future results. There is no representation or warranty as to the current accuracy of decisions based on this information, nor any liability for it. No part of this material may be reproduced or referred to in any form without the express written permission of Guggenheim Partners, LLC.

Media Contact
Gerard Carney
Guggenheim Partners
310.871.9208
Gerard.Carney@guggenheimpartners.com

]]>
Mike Jones Joins Capital City Bank Loan Origination Office in Lawrenceville | New https://kenkepelicula.com/mike-jones-joins-capital-city-bank-loan-origination-office-in-lawrenceville-new/ Sat, 06 Aug 2022 19:00:00 +0000 https://kenkepelicula.com/mike-jones-joins-capital-city-bank-loan-origination-office-in-lawrenceville-new/ Country the United States of AmericaUS Virgin IslandsU.S. Minor Outlying IslandsCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, People’s Republic […]]]>

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M’luru: Man pawns property of Rs 2.5 crore for bank loan taken out by acquaintance; cheated https://kenkepelicula.com/mluru-man-pawns-property-of-rs-2-5-crore-for-bank-loan-taken-out-by-acquaintance-cheated/ Sat, 06 Aug 2022 07:00:00 +0000 https://kenkepelicula.com/mluru-man-pawns-property-of-rs-2-5-crore-for-bank-loan-taken-out-by-acquaintance-cheated/ The Udayavani team, Aug 6, 2022, 11:19 a.m. IST Mangaluru: In a shocking incident, a man who allegedly pledged his property worth Rs 2.5 crore to help his acquaintance secure a bank loan has filed a police complaint alleging he was deceived. The victim Madhwaraya Bhat had agreed to be the bank guarantor of the […]]]>

The Udayavani team, Aug 6, 2022, 11:19 a.m. IST

Mangaluru: In a shocking incident, a man who allegedly pledged his property worth Rs 2.5 crore to help his acquaintance secure a bank loan has filed a police complaint alleging he was deceived.

The victim Madhwaraya Bhat had agreed to be the bank guarantor of the loan contracted by his acquaintance Vasudeva Kamath, a retired bank manager, and two of his associates – Raksha Baliga, Nidhi Vasudeva Kamath with the aim of establishing a dairy farm in Maharashtra.

The trio had assured him that in six months they would make further arrangements for the guarantor and obtain the property documents pledged by the Bharath Cooperative Bank Mangaluru branch. However, when they failed to repay the loan amount, a notice was sent to Madhwaraya by the bank.

When he inquired with the trio about repaying the loan, they allegedly threatened him, the complainant said. Moreover, as the defendants fled, the bank has now demanded repayment of the loan from Madhwaraya.

A fraud file was thus filed by the victim.

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Hyderabad: Enforcement Branch ties up assets of Rs 37 crore in bank loan fraud case | Hyderabad News https://kenkepelicula.com/hyderabad-enforcement-branch-ties-up-assets-of-rs-37-crore-in-bank-loan-fraud-case-hyderabad-news/ Thu, 04 Aug 2022 00:08:00 +0000 https://kenkepelicula.com/hyderabad-enforcement-branch-ties-up-assets-of-rs-37-crore-in-bank-loan-fraud-case-hyderabad-news/ Representative purpose only HYDERABAD: The Enforcement Management has temporarily attached land and buildings worth Rs 37 crore from Sri Krishna Stockists & Traders Private Limited and its directors in a bank loan fraud. The ED resorted to the seizure of assets under the Prevention of Money Money Laundering Act. The ED identified 57 landholdings, mostly […]]]>
Representative purpose only

HYDERABAD: The Enforcement Management has temporarily attached land and buildings worth Rs 37 crore from Sri Krishna Stockists & Traders Private Limited and its directors in a bank loan fraud. The ED resorted to the seizure of assets under the Prevention of Money Money Laundering Act.
The ED identified 57 landholdings, mostly located in the West Godavari district of AP, which were acquired at a purchase price of Rs 37 crore, and attached to the same. It opened a money laundering investigation based on three FIRs filed by the CBI after Industrial Finance Corporation of Indian Limited, Industrial Development Bank of India and Canara Bank filed complaints.
The banks alleged that Sri Krishna Stockists & Traders (SKSPL) and Sri Krishna Agriprocess India Private Ltd (SKAPIL), through their directors, benefited from large loans by providing false and fabricated balance sheets of the company, reports falsified and grossly inflated appraisals of mortgaged assets and fabricated work estimates. The loan funds were misappropriated and the account became an NPA and caused the banks a net loss of Rs 528 crore (including interest).
The ED investigation found that SKSPL and SKAPIL, represented by its managing director Thota Kanna Rao, secured credit facilities of Rs 313 crore from IFCI, IDBI and Canara Bank in 2014 -2015. The credit facilities were used for the construction of storage facilities. All credit facilities were secured by a mortgage on real estate, shares that were heavily inflated in collusion with employees of APITCO, MITCON and VC Rammohan, then IFCI’s CEO, the ED alleged. Loans were withdrawn and laundered by defendants to purchase plots of land.

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Bank loan fraud: ED seizes 67 wind turbines from the Chennai company | Latest India News https://kenkepelicula.com/bank-loan-fraud-ed-seizes-67-wind-turbines-from-the-chennai-company-latest-india-news/ Wed, 03 Aug 2022 07:00:00 +0000 https://kenkepelicula.com/bank-loan-fraud-ed-seizes-67-wind-turbines-from-the-chennai-company-latest-india-news/ The Law Enforcement (ED) Directorate said on Tuesday it had tied down 67 wind turbines worth more than ₹51 crore in a money laundering investigation against Chennai-based Surana Group linked to an alleged ₹3,986 crores in bank loan fraud. The federal agency issued an interim order under the Prevention of Money Laundering Act to tie […]]]>

The Law Enforcement (ED) Directorate said on Tuesday it had tied down 67 wind turbines worth more than 51 crore in a money laundering investigation against Chennai-based Surana Group linked to an alleged 3,986 crores in bank loan fraud.

The federal agency issued an interim order under the Prevention of Money Laundering Act to tie up the windmills.

The action was taken after it was discovered “that 67 Surana Group windmills, which were being auctioned off by banks to reclaim their rights, were again purchased in the name of a Benami company”. Windmills and the land they are on are worth a total 51.69 crores, the agency said in a statement.

He did not, however, specify where these windmills are located.

Another set of properties valued at 61.63 crore of Ramlal Jain, who ‘merged’ the proceeds of crime into his usual business, was also attached under the same order, he said.

The total seizure value of goods under this order is 113.32 crore, he said.

The ED, last month, had arrested four people in this case including two promoters of Surana Group and two alleged directors of front companies.

Among them were Dinesh Chand Surana and Vijay Raj Surana, both managing directors and promoters of Surana Industries Limited, Surana Power Ltd and Surana Corporation Ltd and P Anand and I Prabhakaran, dummy directors of front companies.

They are currently in custody.

The money laundering investigation stems from three CBI FIRs filed against the accused in 2020 which alleged that these three companies, together with their promoters, directors and unknown persons, engaged in embezzlement and breach of trust criminals, manipulating books of accounts through shell entities, and funneling funds through shell (shell) companies.

The CBI complaint accused the defendants of embezzling funds from company accounts for personal gain, causing losses to the tune of 3,986 crores to public sector banks.

The Surana group specializes in the manufacture and sale of gold jewelry.

The ED alleged that the defendant “created a network of shell companies and that the shell directors of these shell companies were either relatives/people from the ancestral village of the Surana family or employees of the Surana group of companies”. “The transactions of the three main group companies were routed through these shell/shell companies and subsequently the funds were diverted for other purposes including the purchase of overlay properties and also obtained benami properties in the name of these front companies,” the agency said.

The Surana group of companies/developers incorporated several companies in the Cayman Islands as well as the British Virgin Islands in the name of “fictitious” directors and embezzled money to park in these companies through four companies” fictitious” located in Singapore, he said.

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bank loan fraud case: Bank loan fraud: ED seizes 67 wind turbines from Chennai company https://kenkepelicula.com/bank-loan-fraud-case-bank-loan-fraud-ed-seizes-67-wind-turbines-from-chennai-company/ Tue, 02 Aug 2022 07:00:00 +0000 https://kenkepelicula.com/bank-loan-fraud-case-bank-loan-fraud-ed-seizes-67-wind-turbines-from-chennai-company/ The Law Enforcement Directorate said on Tuesday it tied up 67 windmills worth more than Rs 51 crore as part of a money laundering investigation against Surana Group based in Chennai linked to suspected fraud over Rs 3,986 crore bank loan. The federal agency issued an interim order under the Prevention of Money Laundering Act […]]]>
The Law Enforcement Directorate said on Tuesday it tied up 67 windmills worth more than Rs 51 crore as part of a money laundering investigation against Surana Group based in Chennai linked to suspected fraud over Rs 3,986 crore bank loan. The federal agency issued an interim order under the Prevention of Money Laundering Act to tie up the windmills.

The action was taken after it was discovered “that 67 Surana Group windmills, which were being auctioned off by banks to reclaim their rights, were again purchased in the name of a Benami company”.

The windmills and the land they are on are worth a total of Rs 51.69 crore, the agency said in a statement.

He did not, however, specify where these windmills are located.

Another set of real estate properties worth Rs 61.63 crore of Ramlal Jain, who ‘merged’ the proceeds of crime into his usual business, was also attached under the same order, it said. he declares.

The total value of the seizure of properties under this order stands at Rs 113.32 crore, he said.

The ED, last month, had arrested four people in this case including two promoters of Surana Group and two alleged directors of front companies.

Among them were Dinesh Chand Surana and Vijay Raj Surana, both managing directors and promoters of Surana Industries Limited, Surana Power Ltd and Surana Corporation Ltd and P Anand and I Prabhakaran, dummy directors of front companies.

They are currently in custody.

The money laundering investigation stems from three CBI FIRs filed against the accused in 2020 which alleged that these three companies, together with their promoters, directors and unknown persons, engaged in embezzlement and breach of trust criminals, manipulating books of accounts through shell entities, and funneling funds through shell (shell) companies.

The CBI complaint accused the defendants of embezzling funds from company accounts for personal gain, causing a loss of Rs 3,986 crore to public sector banks.

The Surana group specializes in the manufacture and sale of gold jewelry.

The ED alleged that the defendant “created a network of shell companies and that the shell directors of these shell companies were either relatives/people from the ancestral village of the Surana family or employees of the Surana group of companies”.

“The transactions of the three main group companies were routed through these shell/shell companies and subsequently the funds were diverted for other purposes including the purchase of properties by layering and also obtained benami properties in the name of these front companies,” the agency said.

The Surana group of companies/developers incorporated several companies in the Cayman Islands as well as the British Virgin Islands in the name of “fictitious” directors and embezzled money to park in these companies through four companies” fictitious” located in Singapore, he said.

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Lebanon’s parliament votes to spend World Bank loan on wheat https://kenkepelicula.com/lebanons-parliament-votes-to-spend-world-bank-loan-on-wheat/ Tue, 26 Jul 2022 14:21:22 +0000 https://kenkepelicula.com/lebanons-parliament-votes-to-spend-world-bank-loan-on-wheat/ BEIRUT (AP) — Lebanese lawmakers voted on Tuesday to use a $150 million loan from the World Bank to pay for wheat imports into the cash-strapped country. Already in the grip of a crippling economic crisis, Lebanon is also struggling to cope with a food security crisis that has left half of its roughly 6 […]]]>

BEIRUT (AP) — Lebanese lawmakers voted on Tuesday to use a $150 million loan from the World Bank to pay for wheat imports into the cash-strapped country.

Already in the grip of a crippling economic crisis, Lebanon is also struggling to cope with a food security crisis that has left half of its roughly 6 million people without adequate food.

The War in Ukraine and Global Inflation worsened the situation facing the small Mediterranean nation. Three quarters of the Lebanese population live in poverty and struggle to cope with widespread power cuts, drug shortages and soaring food and fuel prices. The Lebanese pound has lost 90% of its value against the US dollar.

According to the United Nations World Food Programme, Lebanon has one of the highest food inflation rates in the world.

Acting Economy Minister Amin Salam told The Associated Press in an April interview that the World Bank loan would stabilize bread prices for at least six months.effectively giving the Lebanese authorities more time to reform its failing and ineffective institutions.

After the parliamentary vote, Salam told a press conference that the money could guarantee wheat for more than six months, provided prices continue to fall.

Panics and queues at bakeries are commonplace. Scuffles break out between anxious customers waiting for the limited number of loaves available. Bakery owners have warned that wheat supplies are tight and operating costs have soared.

Although Lebanon’s foreign exchange reserves continue to deplete at an impressive rate, the country continues to partially subsidize wheat imports and alter bread prices based on fuel prices, currency devaluation and world wheat prices. Critics say the general subsidy program is inefficient and costly, and the government is struggling to run a targeted payment card program for the country’s most vulnerable.

Acting Prime Minister Najib Mikati, who was present during the parliament vote, said most of the locally produced bread “goes to non-Lebanese and everyone knows that”. Salam said government and security officials have formed a committee to monitor imports and distribution of wheat.

Lebanon’s economic collapse is due to decades of corruption and financial mismanagement.

For more than two years, Lebanon has been negotiating with the International Monetary Fund to release billions of dollars in aid and make its economy viable again. But the country has struggled to reform its banking sector and bloated public sector.

Lebanon has been without a fully functioning government for nearly three months, with elected Prime Minister Mikati leading an interim government.

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