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At one point Anil Kumar’s Ransat Group reported annual turnover of $500 million. Now he faces allegations from UBS that under his watch, funds belonging to Vincom Commodities Ltd were siphoned off to family members after it became insolvent.
The director of a now-collapsed commodities trading company has hit back at a lawsuit from UBS, saying that the bank "unjustifiably" accused it of moving money out of his business' accounts to his relatives after defaulting on payments to creditors.
UBS has sued the director of a now-collapsed commodities trading company in a London court for $14 million for allegedly breaching his duties by moving money out of his business's accounts to his relatives despite defaulting on payments to creditors.
UBS has sued the director of a now-collapsed commodities trading company in a London court for $14 million for allegedly breaching his duties by moving money out of his business's accounts to his relatives despite defaulting on payments to creditors.