Property firms

San Francisco: Californian utility giant Pacific Gas and Electric (PG&E) has agreed on a $13.5 billion settlement with victims of wildfires in the state, it was reported on Saturday. The company`s equipment has been linked to several blazes including the deadliest and most destructive wildfire in state history, 2018`s `Camp Fire`, the BBC reported. PG&E filed for bankruptcy this year and has already settled with insurers and local authorities. The agreements should allow the firm to emerge from bankruptcy. Live TV PG&E`s settlement relates to claims over several deadly blazes, including the Camp Fire, Northern California wildfires (2017), Ghost Ship Fire in Oakland (2016) and Butte Fire (2015). The four combined killed more than 150 people and destroyed properties worth millions of dollars. PG&E President Bill Johnson said since entering the bankruptcy process "getting wildfire victims fairly compensated, especially the individuals, has been our primary goal. "We want … [Read more...] about California firm to pay $13.5 billion to wildfire victims

The Enforcement Directorate (ED) has attached properties worth ₹34.47 crore in connection with a ₹250 crore bank loan fraud case against Gujarat-based Biotor Industries Limited and others. The assets, attached under the Prevention of Money Laundering Act, include a parcel of land, plant and machinery of KGN Enterprise Limited and Sailani Agro-tech Industries Limited in Gujarat’s Kheda, and a property of one Arif Ismailbhai Memon in Ahmedabad. Two FIRs filedThe ED’s money laundering probe against Biotor Industries, its managing director Rajesh M. Kapadia and others are based on two FIRs registered by the Gujarat police and the Central Bureau of Investigation. According to the agency, its investigation revealed that the accused had misappropriated funds to the tune of ₹250 crore, using forged bills and invoices, between 2007-09. Mr. Memon, owner of the KGN Group of companies, was allegedly instrumental in preparing circular paper transactions for … [Read more...] about ED attaches assets in bank loan fraud case against Gujarat-based firm

HYDERABAD: A Hyderabad resident working for a Mumbai company has been arrested by the Mumbai police for allegedly forging documents and defrauding their own organisation to resell the King Kothi palace to a Kashmir-based hospitality firm. Mumbai-based construction firm, Niharika Infrastructure, has said that it had bought the heritage property worth Rs 300 crore measuring 28,106 square yards from the Nazri Bagh Palace Trust three years ago which its employees tried to resell. The arrested accused, Sundaram Kolrukudro Ravindran (64) from Hyderabad, was arrested on Friday by officials of unit 9 of the Economic Offences Wing. He has been booked for cheating. Also, officials said they were looking for others — P Suresh Kumar, Mohammed Usman, Mukesh Gupta. The police also said they are examining the roles of two brothers of the Kashmir-based firm, Iris Hospitality — Amit Amla and Arjun Amla — in connection with this case. When Niharika officials visited Hyderabad in June … [Read more...] about Mumbai firm catches Hyderabadi staff reselling King Kothi palace it owns

Video PlayerClose BEIJING, Dec. 7 (Xinhua) -- Major listed real estate firms in China saw sales growth in the first eleven months, Shanghai Securities News reported. Nearly ten major developers have released their November reports with the Shanghai or Shenzhen stock exchanges, most of which saw their sales increase. China Vanke Co., Ltd., a leading property developer, reported its contracted sales amounted to 573.5 billion yuan (81.3 billion U.S. dollars) in the first 11 months, up 5.44 percent year on year. Seazen Holdings Co., Ltd, another property giant, reported its contracted sales surged 24.17 percent year on year to 246.6 billion yuan in the Jan.-Nov. period. House prices in China's major cities largely remained stable in the past months amid the country's tightening control of the real estate market, with officials reiterating that "houses are for living in, not for speculation." China's investment in property development grew 10.3 percent year on year in the first 10 months … [Read more...] about China’s major listed developers post rising sales in Jan.-Nov.

Assets worth over Rs 34 crore of a Gujarat- based firm have been attached under the anti-money laundering law in connection with an alleged bank fraud case, the Enforcement Directorate said on Saturday. The Enforcement Directorate probe pertains to Biotor Industries Limited and its managing director Rajesh M Kapadia and others, which is also being investigated by the Gujarat police and the Central Bureau of Investigation. Probe revealed that the accused had “misappropriated” funds to the tune of about Rs 250 crore by preparing bogus bills and invoices during 2007-2009, the ED said in a statement. By adopting fraudulent methods, Memon parked the proceeds of crime of about Rs 62 crore in the accounts of the KGN Group companies, it alleged. The federal agency has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of a land, plant and machinery owned by KGN Enterprise Ltd and Sailani Agrotech Industries Ltd in Hariyala village of … [Read more...] about ED attaches Rs 34-cr assets of Gujarat co