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Nov232019 by adminNo Comments

PMC Bank probe finds another ghost account operator

Finance

MUMBAI: Investigators into the Punjab and Maharashtra Cooperative (PMC) Bank fraud have detected another borrower — the Abchal Group — that concealed its identity through password-protected accounts, much in the manner of Housing Development and Infrastructure Ltd (HDIL). These ‘ghost accounts’ are suspected to have been operated by entities with the knowledge of arrested bank officials, sources said. These accounts allegedly belonged to the Abchal Group, loans to which have turned bad, saddling the bank with a Rs 300 crore liability. Not much information seems to be publicly available on the Abchal Group or its promoters. According to details available with Registrar of Companies (RoC), Shri Abchal Property Investment Pvt Ltd was incorporated in 1992 with a share capital of Rs 1 lakh. T...

British tour operator Thomas Cook left thousands of customers uninsured

World

Nov. 5 (UPI) -- Britain's government said Tuesday that defunct tour operator Thomas Cook lacked insurance to cover potential claims for serious injury, illness or deaths for thousands of customers. Business Secretary Andrea Leadsom told the House of Commons that customers who experienced "life-changing" illnesses or injuries while on Thomas Cook flights had almost no chance of receiving compensation after the company entered insolvency proceedings on Sept. 23. "Thomas Cook only took out insurance cover for the very largest personal injury claims," she said. "For agreed claims below this figure up to a high aggregate amount, they decided to self-insure through a provision in their accounts." Leadsom told the House of Commons that the government should set up a statutory compensation progr...

Lundin barely holds on as operator of North Sea field

Business

June 28 (UPI) -- The Norwegian subsidiary of Lundin Petroleum said Wednesday it nabbed more than $ 90 million for a stake in a North Sea operation.The company, Lundin Norway, said in an emailed statement that it sold a 39 percent interest in the Brynhild field in the Norwegian waters of the North Sea for $ 91.7 million. The Lundin subsidiary retains its role as the operator, while CapeOmega, which is already a partner, increases its stake in the field from 10 percent to 49 percent.Lundin struggled through the market downturn that began in 2015, trimming its production guidance lower as a result of less than expected output from the Brynhild field off the coast of Norway and infrastructure delays for its Edvard Grieg rig.A spokesman for the company told UPI in response to emailed questions ...