It has reportedly alleged that Caravan’s story “Doing the Needful: Essar’s industry of influence” and “Purchasing Power – How Essar wields influence over India Government and Finance” (published in its August 2015 edition) was defamatory and made “several imputations… to harm or knowing or having reason to believe that such imputations will harm the reputation of Essar… without any lawful justification and thereby, defamed Essar, including the Plaintiff and its promoters”. … [Read more...] about SC declines Caravan’s plea to transfer 250 crore defamation case by Essar to Delhi
T s s worldwide money transfer
The Privy Council in Jersey in Federal Republic of Brazil eta l v. Durant international Corporation et al, (2015) UKPC 35, considered a claim brought by the Municipality of San Paulo against two BVI companies (Durant and Kildare) which held bank accounts with banks in Jersey. The companies were connected with the former mayor of San Paulo who was found to have received more than $10 million in bribes in connection with a major road building project. The plaintiffs sought to trace the funds held by Durant and Kildare in Jersey in order to recover these secret payments. The funds had been transferred through a bank account in New York (the "Chanani account") where they were commingled with other funds before reaching Jersey. The Royal Court of Jersey held that Durant and Kildare were liable as constructive trustees for the whole $10 million which could be shown to have flowed into the Chanani account, but where only $7.7 million could be directly identified in the Jersey account. … [Read more...] about Potential New Recovery Tool for Worldwide Fraud—Backwards Tracing
What is Crypto-currency?Virtual or digital currency is a digital representation of value that has no paper or coin equivalent. Crypto-currency such as Bitcoin uses encryption to control its creation. Virtual currency is electronically created and stored and does not have the backing of a commodity, bank, or government authority. Additionally, virtual currency does not have the status of legal tender. This means that a creditor can refuse virtual currency as payment for a debt. … [Read more...] about Monopoly Money or the Real Deal? Exploring the Possibility of Paying Employees in Bitcoin
Additionally, federal criminal and civil laws have long allowed the U.S. government to seize and take ownership of accounts (or wire transfers) which contain the proceeds of or are derived from criminal activity. These laws have been used successfully to seize billions of dollars in drug money, human-trafficking proceeds, gun-running profits, trade/export violations, and numerous other crimes, including crimes committed by documented and undocumented immigrants from Mexico (and many other countries). Under existing law, the Department of the Treasury has significant rule-making abilities and discretion in taking action to investigate, seize, and spend the money obtained from these criminal enterprises, foreign and domestic. … [Read more...] about Paying for the Wall: Will President Trump’s Administration Scrutinize, Tax, or Seize Remittances?
"My theory was that good furniture could be priced so that the man with the flat wallet would be attracted to it, would make a place for it in his spending and could afford it," Kamprad told Forbes in a 2000 interview. "In the markets where we are now, I believe I've achieved that goal." … [Read more...] about Who Is Ingvar Kamprad? Net Worth, Interesting Facts About Ikea Founder