Indians holding Indian Money in Swiss banks.Money in Swiss Banks List 1
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While the UK continues to account for the largest chunk of such funds, India has now slipped lower to 70th position – the lowest rank among all major economies of the world, shows an analysis of annual data released by Swiss National Bank(SNB) on all the banks present in the European country(NDTV June 23,2013)
ICIJ which has done extensive research and unearthed 2.5 Millions Files on secret offshore dealings of Businessmen, politicians and others throughout the world, has divulged that Vijay Mallya, Liquor Baron, IPL Team Owner, who did not pay his Airways Pilots for want of money(!),Essar Group,Oswal, Satyam Computers, Visaka Group,Mama Mappillai of MRF, and Mumbai-based jewelers, Rashmi Kirtilal Mehta and his son Bhavin Mehta.
ICIJ which has done extensive research and unearthed 2.5 Millions Files on secret offshore dealings of Businessmen, politicians and others throughout the world, has divulged that Vijay Mallya, Liquor Baron, IPL Team Owner, who did not pay his Airways Pilots for want of money(!),Essar Group,Oswal, Satyam Computers, Visaka Group,Mama Mappillai of MRF, and Mumbai-based jewelers, Rashmi Kirtilal Mehta and his son Bhavin Mehta.
ICIJ Indian Expose
As expected, all of them have refuted.
Vijay Mallya who owns RCB.
The one to watch is Vivekanand Gaddam, a member of the ruling Congress Party.
Gaddam is also vice-chairman of Visaka Industries, which produces about one-quarter of India‘s asbestos needs.
Hardly a known public face, he might be fronting Congress top guns.
Story:
Two members of India’s Parliament, the world’s largest producer of cut roses and other major business owners are among hundreds from the subcontinent linked to offshore companies revealed in files obtained by the International Consortium of Investigative Journalists (ICIJ).
After The Indian Express published the revelations of dealings in countries commonly used as tax havens, Finance Minister P. Chidambaram announced an investigation. “We have taken note of the names,” he said at a press conference, “and inquiries have been put in motion.”
The disclosure also shines new light on characters caught up in two local scandals that have been likened to Watergate and Enron.
The accusation relates to a scam that involved politicians and government officials illegally undercharging telephone companies by billions of dollars for cell phone frequencies.
Ruia, whose firm is disputing the charges made against him and others, is a member of India’s fourth richest family. He is vice-chair of Essar Group, a multinational conglomerate that has interests in steel, oil and gas, and power generation, among other things.
The documents obtained by ICIJ show he has three firms in the British Virgin Islands (BVI). His daughter, Smiti, is a shareholder in two of them. One of Ruia’s flagship companies, Essar Power, has further BVI entities that are named in the ICIJ documents.
Kingfisher Airlines owned by the Liquor Baron Vijay Mallya is facing crisis after crisis,bills over due to the Oil Companies,cancellation of flights,huge out standings to its debtors both big and small, pilots leaving because of non-payment of salaries among other things.
Kingfisher Airlines
There was a suggestion from the Civil Aviation Minister that he will talk to banks to lend money to Mallya to run the Airline.
Now Mallya comes on TV Live blaming every body for the state of his company,though graciously admitting(!?) that he has some problems(!),calling for reduction in Aviation fuel prices,high taxes on Fuel, non lucrative routes and Competition.
A private entrepreneur enters a business knowing all the risks.He makes profits and he does not share it with the common man or banks.
Bottom line is you have not run your business properly and that you owe money to banks , your Creditors and the Oil companies.
In short you are without money to run your business.
Does any one go to a bank and say that he has suffered a loss and would the Bank extend more money?
Would the banks agree to it?
They will attach your property and leave you with your loin cloth.
Why the different treatment to Mallya who owns one of the largest Liquor companies in India,owns race horses,owns Cricket team and has a l penchant for High and Vulgar Living?
Let him pay up or close down.
No more talk of restructuring ,job loss non sense.
India seems bent on Bail out mode in the foot steps US.
If poor people are helped by the Government it is ridiculed as ‘Welfare State‘
But bailing out criminally negligent businessmen,it is economic growth?
Bailout. A term which till recently was alien to India.
It was something the West did, to save their big financial institutions which had grown too big too fast and had squandered their cash positions while betting on complex instruments that even they did not fully understand.
India, and largely Asia, was rather different. We were the growth engines of the world. The Asian giants would prevent the global meltdown from getting worse and would reverse it eventually, or so went the perception.
Three years on and as the Greek crisis looms, the major Asian economies and their counterparts from around the world are still pondering on how to prevent the problems in Europe from spreading worldwide.
India, meanwhile, is facing economic and policy conundrums of its own.
From record prices of fuel, food and other essential commodities and multiple rate raises by the central bank, to a growth slowdown and a government struggling to meet its deficit targets.
Bailouts may now become a reality for Asia’s third largest economy in the post-Lehman world. The most prominent example which comes to mind is of course that of the troubled national carrier, Air India.
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