Tatra scam: Rishi under probe in Czech Republic too

Last Updated: Saturday, March 31, 2012, 09:53

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Tags: Tatra trucks scam, Ravinder Rishi, Czech Republic probe

Tatra scam: Rishi under probe in Czech Republic too

Zeenews Bureau

New Delhi: A day after the CBI registered a case in connection with alleged irregularities in the supply of all-terrain Tatra freight vehicles through the state-owned BEML to the Indian Army, it has emerged that Vectra Group chairman Ravinder Rishi – a majority stakeholder in Tatra – is under probe in the Czech Republic too in the Tatra matter.

The CBI had yesterday questioned Rishi – a British national of Indian origin – after booking him and unnamed officials of Defence Ministry, BEML and Army for alleged criminal conspiracy, cheating and relevant sections of Prevention of Corruption Act.

Rishi has so far refuted allegations of irregularities in the Tatra truks deal. But documents in possession of DNA newspaper show that a criminal complaint was filed against Rishi in the Czech Republic last year in the Tatra matter.

As per the complaint, Rishi misused his position in the board of Tatra Czech [the original equipment manufacturer (OEM) of Tatra trucks] to enable Tatra Sipox (UK) Ltd, a company Rishi’s Vectra Group incorporated in 1994 and now owns, to buy knock down trucks from Tatra Czech at below production cost. Tatra Sipox then sold the trucks to India’s BEML at a profit, causing huge losses to Tatra Czech since profits from the sale were being made by Rishi’s company, the newspaper reports citing the complaint.

“I hold for important the fact that TATRA Czech was selling Tatra truck to the British company [Tatra Sipox] margin-free, even at prices below the production costs. The entire margin, or all the profit from the transaction, has been earned by Vectra Limited in the UK,” states the complaint.

The complaint against Rishi was filed by Vaclav Laska, ex-chief at corruption watchdog Transparency International, following disclosures by a top Tatra Czech official. The investigations into the matter are being carried out by the Czech Republic’s Department for Detection of Corruption and Financial Offences.

The recent revelations hold significance in the wake of claims by Army Chief General VK Singh that he was offered a Rs14 crore bribe to clear a tranche of 600 sub-standard Tatra trucks.

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First Published: Saturday, March 31, 2012, 09:52

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Fiq Faysee - Senegal
This trick is what Czechs call ````tunelling`` money out of one company and into another. Czechs are experts at this and this is where Rishi likely learned his lesson.

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rajesh bhiwal - sirsa
India needs today great shaheed Bhagat singh, subhash bose,udham singh like young indians who treat same lesson to most corrupt politicians to save the nation

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chauhan - Rewari(Haryana)
What Churchil said 65 years before when the independence proposal was put to him.He said Indians are curropt ,traitors and enemy to their own brothers and their own country and hence dont deserve freedom otherwise the simple/ordinay peoples will suffer dratically.This is true now.If the britisher would have ruled us by now they might have taken less money out side than our own corrupt peoples have siphoned out.The so called devlopments and progress was bout to happen in normal course of time but ordinary peoples would have been in better condition.Thanks to our leaders and buerocrates for the prevailin state of affairs and taking the country forward.

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HIRA CHAND - COIMBATORE
due to scams and corruption prices and duties are increasing

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Dr. K. K. Jain - Junagadh (Gujarat)
Now it seems that corruption prevails in almost each and every sector. As far as the Group whose tendency is of accumulation and exploitation seems to be responsible for this electrifying and multipling corruption. If public and Government really interested and having will to minimise this corruption then this country should be handed over to the ARMY with immediate effect for a period of atleast 5 years. Also, each and every financial and even commodity exchange transcations are to be put under scan for its transperency. Ofcourse these are very hard decisions but need to be taken and implemented by any means.