Dubai gold retailer defaults on $136 million

Section:

By Stanley Carvalho and Tom Arnold
Reuters
Monday, August 31, 2015

DUBAI, United Arab Emirates -- A Dubai-based gold and jewellery retailer has defaulted on loans worth about 500 million dirhams ($136.2 million), with banks considering options including legal action to retrieve the money, four banking and trade sources told Reuters.

The non-payment by Atlas Jewellery, which has more than 50 branches across the Gulf and in India, affects at least 15 banks, the sources said on condition of anonymity because the information isn't public.

It was not clear why Atlas Jewellery had failed to honor its debts. Company officials declined to comment and Reuters was unable to contact the company's owner, M.M. Ramachandran. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/08/31/emirates-gold-default-idUSL5N1...



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