Lenders disappointment with court verdict in Atlas Jewellery owner case | GulfNews.com:
"The three-year jail term handed over to MM Ramachandran, 74, the beleaguered Atlas Jewellery owner by the Dubai Courts on Thursday, has been received with disappointment by the gold jewellery and banking fraternity.
The businessman who had a successful health care group in Oman and a large jewellery chain in the GCC countries with over 50 stores, had been in the gold and precious stones business since 1970s. A series of misadventures resulted in several defaults and he owed over Dh500 million to about 20 banks. Four cases were filed against him that led to his arrest in August.
“Ramchandran could have done more to work out a settlement by raising money against his assets had he been granted bail. While this judgement might be in favour of his sponsors who will be able to recover amounts he owed by raising money by leasing out his shops, banks would either have to write off the money he owed them as bad debt or dig in for the long haul,” a banker told Gulf News."
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