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Indian Businessman Charged for Allegedly Evading Tax Worth Billions in Kenya

first_imgA businessman from India was charged on April 6 in Kenya for allegedly evading tax amounting to over KSh 11 billion. Parmar Kirit Kumar Ranchodbhai, who appeared before Chief Magistrate Francis Andayi at Nairobi, pleaded not guilty to four counts of failing to pay tax, reported Daily Nation.Ranchodbhai allegedly failed to declare an amount of KSh 3,421,645,274 value added tax (VAT) returns to Kenya Revenue Authority for his income between June 1 and Dec. 31, 2015 at Kasarani in Nairobi. According to the requirements of the Value Added Tax Act, the amount was supposed to have been declared to the commissioner.Ranchodbhai was also charged with intentionally leaving out VAT returns amounting to KSh 8,037,383,938 for his 2016 income. According to the third count, he failed to declare KSh 237,177,262 VAT returns in 2017.He has also been charged for failing to file income tax returns with the Commissioner of Domestic Taxes within the due date for his 2015 and 2016 income as per the law. The prosecution urged the court to reflect on the fact that the businessman has an Indian passport and that he might be a flight risk.“I am a law abiding citizen and not a flight risk as I will avail myself in court when needed,” Ranchodbhai said at the court, the Standard Digital reported.The court ordered that the Indian businessman be released on a surety bond of KSh 3 million with an alternative cash bail of KSh 1.5 million. The magistrate also ordered Ranchodbhai to be detained till the procedures of completing the surety are over. The court said that his passport should be submitted in court as a condition for his release.“We kindly request this court to release the accused on lenient bond term. He is married and works in Bungoma and he also undertakes to attend full hearings until the end of his trial,” Ranchodbhai’s lawyer Nick Biketi said, reported Daily Nation. The case is scheduled to be heard on April 25.The Indian businessman was charged right after another businessman from Nairobi, Keval Kumar Navin Maisura, was charged on April 5 with evasion of tax worth KSh 7 billion in what is being described as one of the biggest such court cases in Kenya recently, according to Daily Nation. Among other charges, Maisura was accused for fraudulent registration of names of nine businesses. He also made fake invoice worth more than KSh 15 billion. Related ItemsKenyalast_img read more

Credit Union Earnings Rise to AllTime High in 2012

first_imgCredit Union Earnings Rise to All-Time High in 2012 Agents & Brokers Attorneys & Title Companies Credit Unions Investors Lenders & Servicers National Credit Union Administration Profits Quarterly Earnings Service Providers 2013-03-04 Tory Barringer March 4, 2013 474 Views in Originationcenter_img Share Federally insured credit unions brought in record-high earnings last year, the “”National Credit Union Administration””:http://www.ncua.gov/Pages/default.aspx (NCUA) reported.[IMAGE]NCUA reported earnings of $8.5 billion across the industry in 2012, the highest annual figure ever posted. Earnings last year were 36.1 percent higher from the $6.3 billion reported in 2011.According to the administration, the rise in earnings came largely from reductions in loan loss reserves, “”a positive sign of improving economic conditions.”” Meanwhile, the industry’s return on average assets ratio–a measure of industry earnings–stayed constant at 86 basis points in last year’s fourth quarter.Membership in federal credit unions also grew, jumping from 91.8 million at the end of 2011 to 93.8 million at the end of 2012, an increase of 2.2 percent. The number of federally insured credit unions fell by 275 as the industry consolidated, closing the year at 6,819.At the end of fourth quarter, federal credit unions had an estimated $597.7 billion in outstanding loans, an increase [COLUMN_BREAK]of $6.6 billion (or just over 1.1 percent) quarter-over-quarter and $26.3 billion (or 4.6 percent) for the year. Lending for first mortgage loans increased 1.2 percent during the quarter and 5.7 percent for the year, reaching $246.3 billion.Credit unions’ total assets grew by $8.8 billion in the fourth quarter and $60.0 billion for all of 2012 to end the year at a little more than $1 trillion, NCUA reported. At the same time, industry net worth rose to $106.7 billion, up $2.2 billion for the quarter and $8.4 billion for the year. Net worth ratio, a measure of capital strength, was 10.44 percent, up 13 basis points quarter-over-quarter and 23 basis points year-over-year.As far as performance goes, NCUA noted growth was most robust in credit unions with assets of $250 million or more. This group–comprising 751 credit unions–showed the largest gains in almost every category, including membership, net worth, market share, loans, and assets. While smaller credit unions tended to have higher net worth, they showed slower growth; credit unions with assets under $10 million had a loss of overall membership and sluggish loan growth compared to those with assets greater than $250 million.””The composition of the credit union industry is changing, which presents challenges,”” said Debbie Matz, NCUA board chairman. “”Small credit unions are important to their members and their local economies. It’s our job to monitor their health and, to the extent possible, find ways to keep them sustainable.””While Matz added that “”[t]here are many reasons to be optimistic about the credit union industry’s future,”” she warned that fixed-rate mortgages make up a large share of assets as a result of today’s low interest rates and “”could pose a long-term risk for the industry.””last_img read more

SM Group will build a village with 200 typhoonpro

first_imgSM Group will build a village with 200 typhoon-proof concrete houses for survivors of supertyphoon Yolanda in barangay Polambato, Bogo City under the “Adopt a Barangay Project.”“We choose areas affected by the storm that have not been equally recognized,” said Hans T. Sy, president of SM Prime Holdings Inc.ADVERTISEMENT The village will have a five-meter wide road network, a concrete perimeter fence, a community center and a basketball court.MORE STORIESnewsinfoWHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccinenewsinfoBaybayin revival makes native PH history hipnewsinfoMartial law in Negros? Military taking cue from local execsMORE STORIESnewsinfoWHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccinenewsinfoBaybayin revival makes native PH history hipnewsinfoMartial law in Negros? Military taking cue from local execs“These houses will be for free. It’s not just housing, but we are also building a sustainable community,” Sy said.The SM Group earlier committed P100 million in aid for Yolanda victims through relief operations, rehabilitation of schools, churches, community centers, and medical missions.They will build a total of 1,000 housing units in the Visayas, including Palo, Leyte and Samar, and Panay Island.“It is time for typhoon victims to move on and forward,” Sy said.ADVERTISEMENT Don’t miss out on the latest news and information. PCSO to focus on improving transparency of gaming activities PLAY LIST 03:26PCSO to focus on improving transparency of gaming activities01:39Sotto open to discuss, listen to pros and cons of divorce bill06:02Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements01:50Palace open to make Dengvaxia usable again as dengue cases spike01:49House seeks probe on ‘massive corruption’ in PCSO01:37PCSO estimates P250M in Lotto revenue loss due to suspension Sy, together with Bogo City Mayor Celestino Martinez Jr. and Cebu Vice Gov. Agnes Magpale, led yesterday’s groundbreaking of the P50-million SM Cares Housing project.The houses will be built on a one-hectare lot donated by the heirs of Wenceslao and Margarita Briones Fernan.FEATURED STORIESNEWSINFOSenate to probe Tolentino’s ‘novel legal theories’ on oral agreementsNEWSINFOLocsin wants to drop ‘visas upon arrival’ privilegeNEWSINFOPalace open to make Dengvaxia usable again as dengue cases spike“It has been my mother’s dream to provide housing for the farmers here in Bogo City which is my hometown,” said Marissa Fernan, SM Prime Holdings senior vice president for Visayas and Mindanao. The donated lot was owned by her grandparents.Sy said construction of the 200 houses will start in two weeks and will be completed in nine months. Each row house will have a concrete roof and high ceiling, proper ventilation and will be ready for utilities. View comments MOST READ Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements WHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccine Palace open to make Dengvaxia usable again as dengue cases spikecenter_img Painters refuse to go quietly Read Next LATEST STORIES PH protests Chinese boat swarm, warship passage Baybayin revival makes native PH history hip PBA: Rain or Shine overcomes San Miguel, McCullough’s 51 to avert sweep Locsin wants to drop ‘visas upon arrival’ privilege Bogo City Mayor Martinez Jr., said the project has given him hope to pursue dream projects that were washed out by typhoon Yolanda.“I was happy when I was informed that Mr. Hans Sy was coming to Bogo City. I was unable to sleep for two nights,” Martinez said.Typhoon survivors in the coastal part of barangay Polambato will get priority in the houses.Cebu Vice Gov. Magpale said the residents of Bogo “are lucky because aside from the free lot, there are also free 200 houses that will be constructed.”Martinez said private benefactors of four other barangays are waiting for the go-signal to start the “Adopt A Barangay Project” in La Paz, Cayang, Don Pedro or Guadalupe, and Libertad.Sunshine Corner Ministry pledged to build 120 houses in barangay La Paz while Caritas promised to build 50 more.The Light for Jesus Community Foundation Inc. will provide 30 houses in barangay Cayang while Couples for Christ promised build 80 to 100 houses in either barangay Don Pedro or Guadalupe.An international organization also committed to build 50 houses in barangay Libertad. /Michelle Joy L. Padayhag, Correspondentlast_img read more