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Gold Retailer Defaults, Owner, Daughter Nabbed

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Gold Retailer Defaults, Owner, Daughter Nabbed Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen I succeeded in creating value In today’s world and with and the company was saved, the problems people face while when I joined it the one needs to have a bit of company was half bankrupt common sense, proportion and the candidates to lead it and restraint. And in this were not many case Michel Combes hasn’t -Alcatel-Lucent head - French Finance Michel Combes Minister Michel Sapin 23 Tuesday, September 1, 2015 on $15.7m bonus on Alcatel bonus payment Owes 500 million dirhams GOLD RETAILER DEFAULTS, OWNER, DAUGHTER NABBED DT News Network Manama ubai-based gold and Dubai trade body offers help jewellery retailer Atlas awhid Abdullah, MM Ramachandran is not over the crisis. These include JewelleryD has reportedly chairman of Dubai Gold reachable by phone. From finding a strategic partner or defaulted on loans worth about andT Jewellery Group said the what I understand, there is selling some of his (MMR’s) 500 million dirhams ($136.2m), trade body in which Atlas no bad intention on the part assets or taking the creditor with banks considering options Jewellery is a member is of the owner.” banks as equity partners. As including legal action to willing to help find a solution “If someone wanted to a group, we are ready to help retrieve the money. for the financial woes. cheat, he could have left the out a long-time member. According to reports, non- He, however, told Khaleej country months ago.” The There are several solutions. payment by Atlas Jewellery, Times that they haven’t directly gold and jewellery industry But for all these we need to sit cc which has more than 50 heard from Atlas Jewellery or was healthy and that it could and talk with the banks and branches across the Gulf and in from its creditor banks. withstand “isolated incidents the troubled company.” India, affects at least 15 banks. “Nobody has approached like this,” he said. Managing Director However, it is not clear why us asking for our “If someone is in trouble, of Atlas Jewellery India Atlas Jewellery had failed to intervention. We would like it is not the right thing to Nandakumaran Puthezath honour its debts. to help, and are happy to put him behind bars. He told Khaleej Times in an Dubai police confirmed do so. But we need to get a should he given time to sort email: “Atlas Jewellery India the Indian national and his clear picture,” Abdullah was out the issues. MMR enjoyed is a company in which MMR daughter Manju had been quoted as saying in a report. goodwill and owns a chain has invested and is the arrested in cases relating to He said the trade was of some 60 plus outlets and majority shareholder and suspected bounced cheques not fully aware of the other assets,” said Abdullah. chairman. Since he is the and is kept in a Bur Dubai circumstances which had led “I do not say that I am not non-executive chairman, detention centre. His daughter to this situation. “We also disappointed by the incident. we have no reason to be in is held in the women’s section do not know the current I feel there is a chance or touch with him on a daily of the detention centre. situation and Atlas owner there may be solutions to tide basis.” A Reuters report said banks MM Ramachandran (file picture) affected by the Atlas allegations dud cheques worth Dh34 -- mostly local lenders but also million, a report said. including at least two Indian Reports also points out that banks -- met last week to Dubai police said the group has been trying to discuss the matter, with some Ramachandran was pay off the debt by offloading banks pushing for a hard line arrested on Aug. their inventory. but others willing to write off the debt. 23 by order of the Stocks vanished! However, Khaleej Times in prosecutor its report quoting a Bank of Reports also said that the Baroda official in Dubai said major retail jewellery chain in that Atlas Group owed the the UAE also appears to have bank Dh70 million, the biggest limited, or no stock of gold chunk. and will come to a decision across their stores in the UAE. “The group owes Bank of on the jewellery group next Staff at the gold outlets Baroda Dh70 million. The week,” the official was quoted run by the group said to banks have together formed an as saying by Khaleej Times. Khaleej Times they had no informal steering committee Dubai police said knowledge about the owner’s Ramachandran was arrested whereabouts. In the Karama on Aug. 23 by order of the branch discounts of between The police have prosecutor. “He is arrested 50 and 60 per cent on 18K gold received five and is in our custody,” another jewellery were being offered to report said, adding that customers. complaints against investigations are ongoing. At the Bur Dubai outlet, Ramachandran from So far, the police have only watches were sold. “We Empty display window outside the Atlas Jewellery shop at Al Karama in Dubai. different banks. One received five complaints against heard that the owner has This is the second scandal sanctioned three brothers household name in India. It Ramachandran from different some problems with banks. involving Dubai jewellery behind Damas International opened its first outlet in Kuwait of the complaints banks. Two complaints were Due to the fluctuating prices businesses since the city’s over unauthorised withdrawals City in the 1980s. The company was for issuing dud lodged at Rafaa police station, of gold and the financial rise to prominence as a from the company of 1.94 kg of moved its headquarters to the two at Naif and one at Bur problems, we had to return the significant gold trading centre. gold and cash worth about 365 UAE in the early 90s. It now cheques Dubai. The complaint lodged gold to our suppliers,” said a In March 2010 the Dubai million dirhams. has over 48 stores in the UAE, at Bur Dubai was for issuing report. Financial Services Authority Atlas Jewellery group is a Kuwait and Saudi Arabia..
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