New Delhi: Anil Ambani group, whose accounts
with Swiss banking giant UBS were among those misused by the
bank's staff, today said these accounts in London have been
closed and the funds have been repatriated to India.
The British financial market watchdog Financial Services
Authority has imposed a fine of eight million pounds (nearly
Rs 50 crore) on UBS, after four senior employees of the bank
were found speculating in foreign exchange and commodities
with money taken illegally from 39 client accounts, including
that of two Anil Ambani group firms, during 2006-2007.
Commenting on it, an Anil Ambani group spokesperson said
that its rivals were distorting the facts.
"We maintained the bank accounts with UBS, London, in
full compliance with all applicable laws, rules and
regulations. The entire proceeds have been repatriated back to
India nearly 3 years back, and accounts stand closed," the
statement said.
"Our known corporate rivals are as usual distorting facts
to level baseless and speculative allegations," it added.
The penalty on UBS comes at a time when Indian
authorities are also probing alleged violation of norms in use
of funds held in the UBS accounts of Reliance Energy and
Reliance Natural Resources Ltd (RNRL).
The fine is part of a larger probe into the past
management of Indian private banking accounts at UBS, British
daily Financial Times reported. It, however, added there was
no suggestion of any wrongdoing by Anil Ambani or his
group.
Bureau Report
First Published: Thursday, November 12, 2009, 18:46