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Tag: Fugitive

Mallya case: ED using fugitive law may hit lenders' prospects

Mallya case: ED using fugitive law may hit lenders' prospects

Finance
The Enforcement Directorate (ED) may use the latest weapon in its armoury — the Fugitive Economic Offenders Ordinance — to deal with Vijay Mallya, a move that could hurt lenders’ efforts to recover dues from the businessman who fled the country more than two years ago. ED sources said the new fugitive law gives precedence to state dues over any claims under civil cases, including Mallya’s application to the Karnataka High Court seeking permission to repay banks by selling his assets seized by the agency that probes money-laundering cases. Indian banks are working closely with UK authorities to recover the maximum out of the assets owned by Mallya, after a British court allowed them to search and seize his properties. They are worried because the ED could stake claim on Mallya’s
Report: Fugitive Chinese billionaire may have requested U.S. political asylum

Report: Fugitive Chinese billionaire may have requested U.S. political asylum

World
Aug. 3 (UPI) -- A fugitive Chinese billionaire who had vowed to expose corrupt Chinese officials in the upper reaches of the central leadership may have requested political asylum in the United States.China's Boxun News reported Thursday Guo Wengui, a member of U.S. President Donald Trump's Mar-a-Lago resort, had stated in documents submitted to a U.S. court that he would be persecuted and severely punished if he returned to China.The documents were acquired by Boxun and were part of a file addressing a lawsuit involving a Hong Kong investment firm.The report did not specify whether the Hong Kong firm was Pacific Alliance Asia Opportunity Fund, a hedge fund affiliated with the $ 18-billion Pacific Alliance Group.The hedge fund had requested a New York state judge to block the sale of Guo's...