UK court orders Anil Ambani to pay $717 mn to Chinese banks within 21 days

wayne


A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days.


At a remotely held hearing, in line with procedures in place for the Covid-19 pandemic, Justice Nigel Teare ruled at the Commercial Division of the High Court of England and Wales in London that a personal guarantee disputed by Ambani is binding on him.



“It is declared that the Guarantee is binding on the Defendant (Ambani),” Justice Teare’s order notes.


“It is declared that… the sum payable by the Defendant to the Claimant (banks) pursuant to the Guarantee is USD 716,917,681.51,” it reads.


A statement related to the judgment has been sought from the Reliance Group.


The banks – Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China – had taken their claim for a summary judgment to the UK High Court and in February were granted a conditional order, in effect a deposit to be paid into court pending

Genocide Architect Who Cheated Justice To The End

wayne

An agricultural scientist who became an architect of Rwanda’s 1994 genocide, Augustin Bizimana cheated justice to the end, lying buried in a corner of Congo as investigators strove for decades to bring him to book.

DNA tests from remains in a grave in Pointe Noire in Republic of Congo found Bizimana died 20 years ago, the UN said on Friday.

Bizimana was born in 1954 in Gituza in northern Rwanda.

Much of his life is shrouded in mystery, from his origins to his personal life, but in university he became known as a Hutu radical as he pursued a degree as an agronomist in a country torn by ethnic tensions.

He ran a development project producing pyrethrum — a natural insecticide derived from the chrysanthemum flower — before entering politics as state representative for his home region of Byumba in 1992.

“He was someone who liked to assert himself, to position himself as leader. In university he showed himself, somewhat zealously, to be a member of the (ruling and sole political party) MRND. He was absolutely a supporter of the hard line,” a former university colleague now exiled in Europe told AFP.

Bizimana took up the post of defence minister

$5.2 million for 49 drilling projects

wayne

Login

(existing subscribers)



The password field is case sensitive.

Request new password

Problems, questions, feedback? Please call +61 8 9288 2100

(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); …

FinMin sanctions Rs 92,077 cr to states as devolution of central taxes

wayne


The government on Thursday said it has released Rs 92,077 crore towards devolution of central to states for April and May.


In a tweet, the Office of said, “GoI has released a total amount of Rs 92,077 crore, as state’s share in the devolution of central and duties for the months of April and May 2020.”



The devolution amount for April stood at Rs 46,038.10 crore, while for May, it is Rs 46,038.70 crore.


ALSO READ: Coronavirus LIVE: Govt tells states to implement strict lockdown guidelines


The tweet said that these releases are according to projections of receipts in Budget Estimate 2020-21 and have not been adjusted for the actual tax collections, impacting the Centre’s cash balances.


“This is a special gesture to ensure that the states’ cash flows remain undisturbed at this crucial time,” it added.


The Budget had projected the share of the states in at Rs 7.84 trilllion for 2020-21.


The 15th Finance Commission had recommended the share of states at 41 per cent of the divisible pool and 1 per cent

Subscribe Now