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Tag: diversion

Forensic audit finds no fraud, fund diversion at Reliance Home Finance

Forensic audit finds no fraud, fund diversion at Reliance Home Finance

Finance
NEW DELHI: Reliance Home Finance on Sunday said an independent forensic audit, mandated by lenders, has found no fraud, embezzlement or diversion and siphoning of funds in the company that is seeking debt resolution. In a statement, the company said the audit made "no adverse findings" on the quantum and end-use of lending. As part of the debt resolution process, lenders of the company, which had defaulted on some debt repayment obligation following the crisis in shadow banking industry, appointed Grant Thornton in August 2019 for forensic audit, as required under the RBI guidelines on Prudential Framework for Resolution of Stressed Assets under change of control and management. The forensic auditors were specifically mandated by the lenders, as part of the Terms of Reference, to report on...
Report: Air Force calls diversion of funds for border wall a national security risk

Report: Air Force calls diversion of funds for border wall a national security risk

Business
Sept. 13 (UPI) -- The U.S. Air Force, in a report revealed Friday, said the planned $ 3.6 billion diversion of military funds for a border wall is a risk of national security. The report, obtained by NBC News, outlines 51 military projects scheduled to lose funding, and their importance to national security. Contraction projects supporting the European Defense Initiative, which deters Russian aggression in Europe, is among the most notable. It cites that without properly constructed buildings, personnel and 12 F/A-22 fighter planes at Spangdahlem Air Base in Germany "will have no shelter facilities in case of enemy attack, making the assets vulnerable to destruction." Funding for airport upgrades in Germany, Luxembourg, Great Britain, Slovakia and Hungary have been cancelled because of t...