The owner of a Dubai-based gold and jewellery retailer held for defaulting on loans worth about Dh500 million, has been released, two sources said on Sunday.
Indian born M.M. Ramachandran, the owner of Atlas Jewellery, was sentenced to three years in jail by a Dubai court in November 2015. Ramachandran was arrested on August 23 in cases related to suspected bounced cheques, Dubai Police said at the time.
Read more: Dubai jeweller asks for more time to repay Dh500m debt
Ramachandran has been released on bail, the sources told Reuters, declining to be named due to the sensitivity of the matter. A spokesman for Dubai Police did not respond to calls. A spokesperson for Atlas Jewellery could not be reached.
The sources said Ramachandran plans to take steps to settle his loans.
Around 15 local banks had granted loans to Atlas Jewellery, which had around 50 branches across the Gulf and India. The retail outlets in the UAE were shut down after his arrest, the sources said. At the time of his arrest, banking and trade sources said the gold retailer had defaulted on loans worth about Dh500 million and banks were considering options including legal action to retrieve their money.
Atlas Jewellery was founded by Ramachandran in Kuwait in 1981 and moved to Dubai after its trading was suspended by the first Gulf War. It has interests in real estate and health care.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
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Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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Fuel consumption: 6.1L/100km
Price: from Dh362,500
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