by admin | May 25, 2021 | News
New Delhi : The Enforcement Directorate (ED) on Thursday said it has sent request for attachment of fugitive diamantaire Nirav Modi’s Hong Kong assets worth Rs 255 crore in the multi-crore Punjab National Bank (PNB) loan default case.
The financial probe agency sought attachment of the assets by Hong Kong authorities under the Prevention of Money Laundering Act by sending a provisional attachment order in the form of Letters Rogatory. The ED said it has till date attached properties worth Rs 4,744 crore in connection with the case in India and abroad.
Earlier in October, the ED had attached assets in India and sought seizure abroad of properties worth Rs 218 crore belonging to Nirav Modi and his maternal uncle Mehul Choksi. The two had fled the country before the scam broke.
They are accused of defrauding state-run PNB of Rs 13,500 crore.
Nirav Modi and Choksi of Gitanjali Group are under probe by both the Central Bureau of Investigation and the ED. The ED had on May 24 and May 26 filed charge sheets against the two.
Non-bailable warrants have also been issued against them.
The Interpol had issued a Red Corner Notice (RCN) against Nirav Modi, his brother Neeshal and sister Purvi — both Belgian citizens — as well as Mihir Bhansali and Aditya Nanvati, close associates of Modi.
However, an RCN request against Choksi, who acquired Antiguan citizenship earlier in 2018, is pending with the Interpol.
—IANS
by admin | May 25, 2021 | World
One Harbourfront office tower after Typhoon Mangkhut in Hong Kong, China, September 16 2018.
Beijing/Hong Kong : Typhoon Mangkhut, the world’s strongest storm this year, continued its path of destruction across Southeast Asia, reaching mainland China after pummeling Hong Kong and killing dozens in the Philippines, authorities said on Monday.
Mangkhut is now expected to move inland of China’s western Guangdong on Monday. While the storm has weakened, a T8 warning was still in place into Sunday evening — meaning that winds with speeds of about 63 kph were expected, CNN reported.
The storm has carved a deadly trail across the region, killing two people in southern China and at least 54 people in the Philippines, with more than 250,000 people affected.
Many of the Philippines’ deaths were caused by landslides, with dozens more still believed to be buried beneath the deluge, government officials said at a news conference on Sunday.
More than 2.45 million people have been evacuated in Guangdong as Mangkhut made landfall on Sunday night, according to Chinese state media.
Some 18,327 emergency shelters had been activated in the province, and that 632 tourism and 29,611 construction sites had been shut down.
As Mangkhut moved toward the Chinese mainland, Hong Kong was also buffeted by fierce winds that tore off roofs, downed trees and caused cranes perched atop half-built skyscrapers to swing ominously.
Hong Kong’s weather observatory issued its highest storm warning alert — a signal T10 — and the normally bustling city was all but shut down as transport was suspended and torrential rain flooded roads and buildings.
Winds of 173 kph and gusts of up to 223 kph were reported, stronger than Hurricane Florence that hit North Carolina over the weekend. There were no reported deaths in Hong Kong.
Airports in Shenzhen, a technology hub across the border from Hong Kong, and on the resort island of Hainan also cancelled all flights.
Mangkhut is still expected to bring heavy rain to Hong Kong, with flood warnings in place for low-lying areas.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Emerging Businesses, Interviews, Investing
Stephen Phillips
By Aroonim Bhuyan,
New Delhi : The Hong Kong Special Administrative Region is actively wooing Indian investors — especially software firms and airlines — pitching itself as the gateway to the markets of mainland China, northeast and southeast Asia.
“There are a number of fundamentals about Hong Kong that are very attractive,” Stephen Phillips, Director General of Invest Hong Kong (InvestHK) who was on a visit to India this month, told IANS in an exclusive interview.
Stating that it is a very vibrant international city, Phillips said it is a “fantastic financial and professional services centre with a depth of talent and expertise to structure finance and business ventures across the region”.
“It is a great location with a lot of talent that can help Indian businesses tackle not only the Hong Kong market but China, northeast Asia and Southeast Asia,” he said.
InvestHK is a government department of Hong Kong responsible for attracting businesses and entrepreneurs to set up a business and facilitating foreign direct investment into the city.
It offers free advice and services to support overseas companies from the planning stage right through to the launch and expansion of their business.
Pointing to the centrality of Hong Kong’s location, Phillips said that almost all major cities within Northeast and Southeast Asia, home to around half of the world’s population, are within four hours flying distance.
Stating that the city’s business environment is very conducive for companies, he said that Hong Kong has a very simple tax regime.
“The standard profits tax for companies is 16.5 per cent and there are plans to reduce that to 8.25 per cent after crossing HK$2,000,000 (HK$1=approximately Rs 8),” the InvestHK chief said.
“There will also be legislation put in place to encourage R&D investment in Hong Kong with a super deduction for R&D expenditure of about 300 per cent after HK$2,000,000 and 200 per cent thereafter. So, it enables businesses to do R&D and develop and rise in the heart of Asia in proximity to the mainland markets, to scale up manufacturing in mainland China.”
There are over 8,000 foreign companies registered in Hong Kong, out of which over 4,000 have their regional headquarters there.
At a cost of about HK$5,000 and no minimum capital requirements, one can set up a company in Hong Kong within four working days.
Hong Kong Special Administrative Region has double taxation avoidance agreements with 37 jurisdictions globally, while negotiations with 13 jurisdictions are in progress.
Hong Kong is a free port with no import and export duties and visitors from over 170 countries enjoy visa-free entry into the city.
During his stay in India, Phillips visited New Delhi, Surat, Mumbai and Hyderabad and met representatives of over 20 companies.
So, what kind of companies are being targeted in India?
“We are seeing some strong ICT, software companies,” he said. “We are also seeing some aircraft, airlines companies as Hong Kong has a very attractive regime for aircraft leasing. So, we are talking to some of the airlines about how they might use Hong Kong.”
With Hong Kong being home to a vibrant Indian diamond trading community, Phillips also met with diamond companies during the course of his visit.
“We are also seeing a couple of companies in professional services. So, it is across the economy,” he said.
Stating that the existing Indian investment in Hong Kong is already quite broad-based, he added: “There are opportunities, whether it is in consumer sector or business sector or, increasingly, in real innovation-led sectors. So, I think some of the very exciting areas around AI, or artificial intelligence, around fintech where we know there are some very strong companies here in India, around smart cities.”
(Aroonim Bhuyan can be contacted at aroonim.b@ians.in)
—IANS
New Delhi : The Enforcement Directorate (ED) on Thursday said it has sent request for attachment of fugitive diamantaire Nirav Modi’s Hong Kong assets worth Rs 255 crore in the multi-crore Punjab National Bank (PNB) loan default case.
