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Archives for February 2018

Israeli police name Ratan Tata in case against Benjamin Netanyahu

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Jerusalem: The name of Ratan Tata figures in the Israeli police recommendations seeking to indict Prime Minister Benjamin Netanyahu on graft charges, according to an Israeli media report, which was today dismissed by the Indian industrialist’s office as “grossly incorrect” in its references about him.

In the so-called Case 1000, in which Mr. Netanyahu and his wife, Sara, are suspected of receiving illicit gifts from billionaire benefactors, Israeli-born Hollywood producer Milchan and Australian resort owner James Packer, the Indian Industrialist is also said to be a part of a project that the Israeli leader tried to push forward to help Milchan.

“According to the police, the most glaring example of Netanyahu working against Israel’s interests to benefit Milchan was his efforts (to) promote a free trade zone on the Israel-Jordan border, a project the Hollywood producer sought to promote as part of his partnership with Indian Industrialist Ratan Naval Tata,” Ynetnews reported.

‘Huge profit’

The project, which police noted went against the recommendations of the defence establishment, would have generated Milchan and Tata “a huge profit,” but ended up being scrapped because it would’ve cost the state an unreasonable amount in security expenses, the news portal said.

Commenting on the news report, the Indian industrialist’s office on Wednesday told PTI that it’s “grossly incorrect in its references about Mr. Ratan N. Tata.”

Last year, the Israeli media reported that Mr. Tata “testified” before the Israeli police in connection to these allegation during his trip to Tel Aviv in the end of October-November on the sidelines of a business event.

A statement emailed to PTI by Mr. Tata’s office did not deny the meeting between him and the Israeli officials. But it said the reports in Israeli media on the contents of the meeting are “factually incorrect and appear to have been motivated.”

(IANS)

South African President Jacob Zuma resigns

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Johannesburg: South African President Jacob Zuma on Wednesday resigned from his office with immediate effect making the announcement in a televised address to the nation.

The 75-year-old has been under increasing pressure to give way to Deputy President Cyril Ramaphosa, the ANC’s new leader.

Zuma, who has been in power since 2009, faces numerous allegations of corruption.

His resignation came at the end of a long speech in which he said he disagreed with the way the ANC had acted towards him.

According to BBC, he said he did not fear a motion of no-confidence, adding: “I have served the people of South Africa to the best of my ability.”

Zuma also said that violence and division within the ANC had influenced his decision to step down.

“No life should be lost in my name and also the ANC should never be divided in my name. I have therefore come to the decision to resign as president of the republic with immediate effect,” he was quoted as saying.

“Even though I disagree with the decision of the leadership of my organisation, I have always been a disciplined member of the ANC.

“As I leave I will continue to serve the people of South Africa as well as the ANC, the organisation I have served… all of my life.”

Meanwhile, the ANC said Zuma’s resignation provided “certainty to the people of South Africa”.

Deputy Secretary General Jessie Duarte told reporters: “President Zuma remains a principled member of the ANC. The ANC wants to salute the outstanding contribution he has made.”

(IANS)

ED raids in Nirav Modi-PNB Rs 280 cr fraud PMLA case

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Mumbai: The Enforcement Directorate Thursday conducted multiple searches in connection with a Rs 280 crore money laundering case against billionaire jewellery designer Nirav Modi and others following a complaint by Punjab National Bank.

Official sources said the agency sleuths swooped down on at least ten premises of entities involved in the case early morning.

The premises raided by the ED here include Modis residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modis showrooms in Chanakyapuri and Defence Colony in Delhi.

The ED had filed a case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered early this month.

It is understood that the ED also went through the PNB complaint that was made out against Modi and others.

The agency, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.

The CBI had booked Modi, his brother, wife and a business partner for allegedly cheating PNB of over Rs 280.70 crore in 2017.

The CBI had also raided the residence of Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds and two bank officials — Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused.

Modi (46), who had figured in the Forbes list of richest Indians, was booked by the CBI for cheating after PNB sent a complaint to it alleging that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a “wrongful loss”.

“The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and a wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017,” the CBI FIR has alleged.

The bank had also alleged in the complaint that a fraudulent issuance of Letters of Undertakings (LOU) took place on January 16, 2018 for and on behalf of the accused firms, which approached the bank and presented a set of import documents to the branch with a request to allow buyers credit for making payment to overseas suppliers.

Yesterday, the CBI received two fresh complaints from PNB allegedly against Modi and a jewellery company alleging fraudulent transactions worth about Rs 11,400 crore.

(PTI)

Cauvery water dispute: Supreme Court to deliver verdict on February 16

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The Supreme Court is expected to deliver its verdict in the decades-old Cauvery water dispute between Tamil Nadu and Karnataka on Friday.

A bench of Chief Justice Dipak Misra and Justices A.M. Khanwilkar and D.Y. Chandrachud is likely to pronounce the verdict on the appeals filed by Karnataka, Tamil Nadu and Kerala against the 2007 award of the Cauvery Water Dispute Tribunal (CWDT) on sharing of water.

The top court had reserved its verdict on September 20, 2017 on the appeals filed by the three states.

In January, the court had said that any forum could touch the matter relating to the Cauvery basin only after it gave the verdict.

The water dispute, a bone of contention mainly between Karnataka and Tamil Nadu for decades, has many a time witnessed violent protests in both sides.

(Agencies)

Mamata wants PNB fraud probed, FRDI Bill scrapped

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Express photo by Sumit Malhotra

Kolkata: West Bengal Chief Minister Mamata Banerjee on Thursday demanded a thorough investigation into the fraudulent transactions worth $1.8 billion in Punjab National Bank and said she would not let the Central government off the hook until the people’s money is secured.

Banerjee said she has written to the Finance Ministry to scrap the proposed Financial Resolution and Deposit Insurance (FRDI) Bill.

“Today people are shocked to see what has happened in the Punjab National Bank in Mumbai. There has been a scam of Rs 11,000 crore. This is the money of common people. Who took away the money? Who ate it up?” she asked during a public meeting in Jhargram district.

“Offenders will run away after stealing the money but what will happen to the common man? Scams like this must be investigated. The security of people’s money must be ensured. We will not let them (the Central government) off the hook until that happens,” she said.

PNB, the second largest public sector bank in India, detected some fraudulent and unauthorised transactions (messages) at $1,771.69 million (around Rs 11,515 crore) in one of its branches in Mumbai for the benefit of a few select account holders.

The fraud was detected on Wednesday in the PNB’s Brady House Branch in south Mumbai, which is its second-biggest lending branch in the country. A CBI probe has been initiated into the matter and 10 employees of the bank have been placed under suspension.

Accusing the Centre of trying to take away the people’s money deposited in the banks with its FRDI Bill, Banerjee said she has written two “strong letters” to the Finance Ministry demanding the withdrawal of the bill.

“We asked the government to withdraw the bill as they are trying take away the money of the common people. This must not happen. The finance minister acknowledged my letter but then sent a reply through a state minister saying the bill would not impact anything,” the Trinamool Congress supremo said.

“Today I have written one more strong letter before coming here demanding the withdrawal of FRDI bill. Eating up the money of common man will not be allowed.”

(IANS)

Punjab National Bank detects $1.8 bn fraud, shares crash

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Express photo by Sumit Malhotra

India’s second-biggest state-run bank said it has detected a $1.8 billion fraud at a single branch in the nation’s financial hub, the impact of which could extend to other lenders as well.

Punjab National Bank has detected some fraudulent and unauthorized transactions in one of its branches in Mumbai “for the benefit of a few select account holders with their apparent connivance,” it said in an exchange filing on Wednesday. “Based on these transactions other banks appear to have advanced money to these customers abroad.”

The case poses further questions about the health of India’s banks, which are already grappling with one of the worst bad-loan ratios among big economies. It’s also likely to create a challenge for Chief Executive Officer Sunil Mehta, who took charge last May about a year after PNB and 12 other lenders were fined for violating rules on some $1 billion of foreign-exchange deals.

The Reserve Bank of India didn’t immediately reply to an email seeking comment.

Investigative agencies have been informed about the latest fraud transactions, PNB said. The bank didn’t elaborate on what impact the fraud may have on its finances and it didn’t name the other lenders which could be hurt.

“So far there is no clarity on impact on the lender’s bottom line from this,” said Asutosh Kumar Mishra, a Mumbai-based banking analyst at Reliance Securities Ltd. “There is no clarity on whether these transactions are reversed, whether the bank is holding collateral that could back part of these transactions or whether enforcement authorities will be able to recover this amount.”

The fraudulent transactions are the equivalent of eight times the lender’s 2017 net income of about 13.2 billion rupees ($206 million), exchange filings show. PNB shares fell as much as 7.5 percent as of 11:20 a.m. in Mumbai, poised for the steepest drop since October.

It’s also unclear if the fraud is linked to another case PNB had reported earlier this month, where a jeweler allegedly acquired fraudulent letters of undertaking worth 2.8 billion rupees from PNB in order to obtain loans. At the time PNB had said it’s digging into records to see if the hit is much deeper.

(Anto Antony, Bloomberg)

Congress hits out at Modi over security situation in J&K

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Expressing concern over the rising number of terror incidents in Jammu and Kashmir, the Congress on Wednesday asked Prime Minister Narendra Modi the same five questions he had shot at the UPA government over the security situation in the country ahead of the 2014 general elections.

Congress spokesperson Abhishek Manu Singhvi described the Modi government’s foreign and defence policies as “directionless” that have created an “unquiet border” and “disquiet on the border” with Pakistan.

“It shows utter hypocrisy and double standards. Not one of these five questions have been attempted to be answered by the ruling party and by our 56-inch Prime Minister. The 56 inches is only in talk and in paper tigers,” Singhvi said.

He claimed that the number of terror incidents and killing of civilians and soldiers and ceasefire violations had increased drastically in the last 45 months of the Modi government.

“But how long can we ignore that directionless, irresolute, inconsistent, zig-zag, arbitrary foreign policy and defence policy which is going to endanger these brave soldiers. Can you get away every time by pointing a finger at the neighbour who is beyond care and beyond cure,” Singhvi said, referring to Pakistan.

He sought answers from Modi on how militants get these arms from across the borders. “All the borders are under the central government’s jurisdiction. Border Security Forces come under your jurisdiction.”

The Congress is “only repeating exactly what you used to ask us” and asked Modi where do these terrorists get money and funding from. “The entire money transaction business…is under RBI’s jurisdiction, it happens through banks. Why can’t the Prime Minister, Modi, keep surveillance on these transactions? This is under your jurisdiction, why can’t you stop it?

A third question “in the exact same language as Modi” asks about infiltration. “Everything is, Prime Minister, under your control. Borders are under your control. Coastal security is under your control. Navy is under your control. Then how can these infiltrators enter India?”

The fourth question seeks an answer on the government’s inability to intercept communications between the terrorists and their handlers. “You can prevent these attacks.

We want to ask you, PM Modi ji, what have you done in this regard?”

Singhvi asked the Prime Minister why his foreign policy has not been able to extradite terrorists who fled India and sit in foreign countries and indulge in these terror activities in India.

“Modiji, we again repeat your own words. First act with regards to these five things – then terrorism will be routed out. Modiji, you don’t have answer to the same questions, which you had asked us, once upon a time.”

The Congress leader was referring to Modi’s speech at election rallies ahead of the 2014 Lok Sabha polls during which he had boasted of his 56-inch chest to battle it out with Pakistan and the terrorist outfits there.

“Facts and figures show a deplorable, an astonishing and a sorrowful increase in the case of major terror incidents” since the BJP came to power, Singhvi said.

He compared the number of terror incidents in the last 45 months of the Congress with the BJP’s 45 months in power.

In the last 45 months of the NDA government, there have been 207 terror incidents while there were 96 incidents in the UPA’s 45 months.

“In the same period 286 jawans got martyred while during UPA the number was 115. During 45 month period of the NDA 138 civilians have been killed while in UPA’s period the number of civilian deaths was 72.”

(IANS)

Trump wants to cut funds for UN missions in Middle East

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The US State Department earlier this week said it seeks a 42 percent cut in funding for the UN Force in Lebanon [Karamallah Daher/Reuters]

by Al Jazeera

US President Donald Trump’s administration is seeking to decrease its financial contributions to the Middle East in 2019, most notably to UN missions in Lebanon, the occupied Golan Heights, and Western Sahara.

The plan, revealed on Monday, is unlikely to make it past sceptical politicians in Congress, however.

Douglas Pitkin, the director of the state department’s Bureau of Budget and Planning, told reporters on Monday that “because [the department is] looking for greater cost containment at the UN more generally, [it does] have a lower funding level than the full peacekeeping estimate”.

Pitkin added that these figures are subject to change.

Trump’s plan includes slashing US contributions to the United Nations mission in Lebanon, as well as international peacekeeping missions worldwide.

The Department of State said earlier this week that it seeks a 42 percent cut for the UN Force in Lebanon (UNIFIL), leaving the mission with $84.2m. The UNIFIL was established in 1978, and has been supporting the Lebanese army in maintaining calm in Lebanon’s south, where the country shares a border with Israel.

Cuts made to the UNIFIL may hinder its ability to perform its mandate of maintaining “security and stability in the south along the border with Israel” due to the fighting in neighbouring Syria.

The administration also revealed proposed cuts to missions in at least 10 other countries and regions.

This includes a 55 percent cut to the UN Disengagement Observer Force in the Golan Heights. The administration proposes the force receive $11.1m as opposed to the $24.6m it received in 2017.

In Western Sahara, the Trump administration wants to cut Department of State budget for the UN mission from $18.4m to $8.4m.

Trump had previously called for cuts to UN peacekeeping, including in his budget proposal for last year.

Under pressure from the US, the UN General Assembly voted last year to cut $600m from the body’s $8bn peacekeeping budget.

At the time, US Ambassador to the UN Nikki Haley said, “We’re only getting started.”

According to the Better World Campaign, an organisation working to improve the US-UN partnership, the Trump administration “is proposing unwise and disproportionate cuts to US foreign affairs spending, which would undermine American leadership globally, including at the United Nations and its agencies”.

“The foreign affairs UN-related budget numbers are almost an exact replica of last year’s request, which was widely and wisely dismissed as harmful to US interests abroad,” the organisation said in a statement.

“In fact, over the past year, we have seen military voices, business leaders and leaders in Congress all stress the importance of robust foreign affairs funding and continued support for the UN.”

The suggested cuts are part of a wider proposal that would slash the state department and US Agency for International Development budget by about 25 percent.

The plan is unlikely to make it past Congress, where cuts to diplomatic efforts and other aid programmes face strong opposition.

Trump’s budget plan also increases military spending, while calling for cuts to domestic social programmes.

Prior to revealing his administration’s plan, Trump said he wanted to spend more money at home.

“This will be a big week for infrastructure,” Trump said in a Tweet. “After so stupidly spending $7 trillion in the Middle East, it is now time to start investing in OUR Country!” he added, using a figure on US war expenditure in the region that is often disputed.

But the administration is requesting Congress approve $686bn Pentagon budget, one of the largest in US history. This includes an $800bn increase in military spending.

According to the Pentagon, the increase is aimed at countering increasing threats from China and Russia.

India wins silver at Asian Games basketball test event

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Jakarta: The Indian men’s team bagged the silver medal at the Asian Games 5×5 basketball test event here.

The India side went down fighting 68-78 to hosts Indonesia at the Istora Sanayan Hall, Gelora Bung Karno Sports Complex to finish runners-up in the invitational tournament.

The hosts thus avenged their loss against their opponents a few days back, which was India’s first victory of the tournament.

Considering that India started their campaign with a 72-79 loss against Thailand, the second-place finish could be considered a creditable one.

The first quarter of the game saw both the teams competing neck and neck but Indonesia took a single point lead over India. The hosts increased the lead even further in the next two quarters, making it 58-45.

India fought hard in the fourth quarter to bounce back but it was not enough as Indonesia kept on scoring at regular intervals.

Indian forward Aravind Annadurai led all the scorers in the game with 25 points, whereas veterans Joginder Singh and Yadwinder Singh chipped in with 15 and 13 points respectively.

Andakara Prastawa led the Indonesian team with 18 points.

(Agencies)

Main accused in Dalit student’s lynching arrested

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Allahabad: The main accused in the killing of a Dalit student of Allahabad University has been arrested, police said today.

Vijay Shankar Singh was arrested from Sultanpur in the early hours today, Senior Superintendent of Police Akaash Kulhari said.

Dileep (26), a second-year LLB student, was thrashed by a group on Friday following an altercation outside a restaurant. He succumbed to injuries two days later.

Four people have already been arrested in connection with the incident.

The Yogi Adityanath government came in for criticism from rival parties over the killing, with Samajwadi Party chief Akhilesh Yadav saying it showed Uttar Pradesh was in the “grip of criminal elements”.

Bahujan Samaj Party supremo Mayawati said the killing was the result of “narrow and casteist politics of hatred” being pursued by the ruling BJP.

(Agencies)

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