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    Malaysian Indian businessman spared jail term

    News Мар 1, 2011 at 16:28
    Malaysian Indian businessman spared jail term

    Malaysian Indian businessman spared jail term

    Vinod Balachandra Sekhar was declared bankrupt by the court June 8, 2005. The government has accused him of leaving the country without settling his debts and without the permission of the Insolvency Department, The Star reported on its website. Sekhar hasn’t returned to the country yet.   

    Sekhar’s lawyer Joseph Mathews said: “The documents pertaining to his bankruptcy was never served on him. The documents showed that signatures on both orders were forged.” Sekhar was declared bankrupt for failing to settle his debt to the credit company Orix Credit Malaysia Sdn Bhd and 11 other companies totalling RM12.376 million (about $4 million).

    Sekhar, 43, is a philanthropist and was adjudged by Forbes Magazine in 2008 as the 18th richest Malaysian with assets worth $320 million.

     

    Written by Muhammad Zuhaili exclusively for AllMain.news

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