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JSPL Says All Transactions were Routine Business Activities

Steel News - Published on Wed, 23 Sep 2020

Image Source: JSPL
Jindal Steel & Power Limited informed BSE “This is with reference to the report published in The Indian Express dated September 21st, 2020 on certain transactions undertaken by JSPL between the years 2014-16. The Company hereby clarifies that all transactions entered into by the Company were part of routine business activities and all the transactions had proper underlying assets. The Company had fully complied with all the extant regulatory guidelines at the time of these transactions. JSPL does business transactions with numerous traders who buy steel & pellets from the Company, as well as supply raw materials to the Company. All such transactions are done strictly within the required legal framework and as per the law of the land. As a responsible corporate house, we adhere to all legal requirements strictly.”

According to a report in Financial Express, 3 different Suspicious Activity Reports filed by Deutsche Bank Trust Company Americas with US Financial watchdog FinCEN regarding funds received and sent by Jindal Steel and Power Ltd red-flag a transaction pattern where it sent money to companies based in Mauritius, Germany, and the UK, and received funds from companies based in Dubai and Switzerland within the same set of days by

The Indian Express has revealed that “Between November 24, 2014 and January 28, 2015, JSPL sent USD 1.799 million to Trans Global Minerals and Metals Corporation, a company incorporated in Cyprus in 2006 with a registered address in Mauritius, and also sent USD 1.3 million to Germany based Oceanwide Services GmbH. During the same period, JSPL received USD 1.323 million from Dubai-based Power Plant EPC Ltd. In a similar set of transactions, between April 27, 2015 and June 1, 2015, while JSPL sent USD 4.53 million to TGMM and another USD 321,209 to Singapore-based Western Bulk Pte Ltd, the company received USD 2.48 million from Dubai-based Power Plant EPC within the same period. A year later, a similar transaction pattern was seen. Between June 23, 2016 and October 26, 2016, JSPL sent USD 9.48 million to TGMM; USD 1.83 million to Singapore-based CBMM Asia Pte Ltd between May and September 2016; USD 1.52 million to Navalmar (UK) Ltd between May 31 and October 24, 2016. And JSPL received USD 16.8 million from Switzerland-based Trans Global AG between June 27 and July 21, 2016.”

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Posted By : Yogender Pancholi on Wed, 23 Sep 2020
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