zoom The National Shipping Company of Saudi Arabia (Bahri) has signed a joint development agreement (JDA) with Saudi Arabian Oil Company (Saudi Aramco), Maritime Offshore Limited, a subsidiary of UAE-based oil rig constructor Lamprell, and South Korean shipbuilder Hyundai Heavy Industries on establishment of a maritime yard at Ras Al Khair in eastern Saudi Arabia.The JDA represents the next phase of development between the partners after signing the Memorandum of Understanding (MoU) in January.Following preliminary due diligence and feasibility studies, the next step for the partners will be to assess the operational, financial, personnel and legal aspects of the project in detail with a view to making a final investment decision in due course.In line with the JDA, the costs associated with the workstreams covered by the agreement will be shared by the parties.The intended maritime yard is aimed at providing engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels.The outcome of the agreement to engage in the potential joint venture partnership will be determined upon finalisation of all activities and required due diligence, as well as all necessary corporate approvals.The JDA terminates on the earlier of the effective date of the shareholders agreement or one year after the signing date.
New Delhi: A special court in Ernakulam, Kerala has sentenced the Managing Partner of a private firm to seven years in prison and imposed a fine of Rs 75 lakh in a bank fraud case, where the private company had cheated SBI Global Factors Limited (SBIGFL), a public sector company to the tune of Rs 4.91 crore. The Kerala court also handed down five to six-year prison sentences to the seven other accused in the case, imposing a fine on all of them, ranging between Rs 75 lakh and Rs 2 lakh. The CBI had registered a cheating case against the accused following a complaint that Somraj Nair, Managing Partner of Greenwood India and his colleague Anantha Narayan Bhat had entered into a conspiracy to forge documents and defraud the public exchequer in 2011. Also Read – Pak activated 20 terror camps & 20 launch pads along LoCThe probe agency had also alleged that the partners had further opened a current account for their firm in a Bank of Baroda branch fraudulently. The Central Bureau of Investigation had alleged that the accused had availed a Letter of Credit Bill Discounting (LCBD) facility for a limit of Rs 5 crore from SBIGFL, by using forged documents. The agency had found that the partners of the firm, as part of the conspiracy had forged the Letter of Credit (LC) instrument submitted to the public sector company. The accused had purported the LC, worth Rs 4.91 crore to have been issued from a Gujarat branch of Union Bank of India. The CBI eventually filed a chargesheet in the case and the trial court subsequently found the accused guilty.