In an interview with Diamond World, Winsome Diamonds Director, Harshad Udani, refuted allegations against the company and revealed the recent business pursuits of former Winsome Diamonds promoter, Jatin Mehta.
Mr Udani cited a Minutes of Lenders Consortium meeting which took place in September 2012, where the Consortium discredited findings set out in the Kroll Report. In particular, Mr Udani pointed out that Ms Reshmi Khurana, a Kroll representative present at the meeting, admitted herself that Kroll had not audited Winsome’s company accounts, nor indeed had they even have access to them. Ms Khurana admitted when pressed that the Kroll Report was based largely on hearsay, with no documentary evidence to back it up. Mr Udani is unequivocal in his denial of any financial irregularities, contending that the case filed against Winsome Diamonds is a political vendetta facilitated by the media at the behest of industry rivals. Mr Udani pointed out that bank records spanning some 20 years; annual audits and continual scrutiny from the banks as part of credit monitoring arrangements bear testimony to Winsome Diamond’s transparency in all of its commercial operations.
In the interview, Harshad Udani explained that Winsome Diamonds has already offered assignment of Sharjah Federal Court decrees, but the banks were not interested in that. Mr Udani questions the bank’s motives, pointing out that if they were simply looking to recoup funds, why would they have thwarted Winsome’s every attempt to pay the money back? Mr Udani asserts that real estate repossessed by the bank is now being offered for sale at less than 50% of market value. He also questions the bank’s conduct in taking possession of millions of dollars’ worth of company machinery, but rather than selling it on and achieving full market value, retaining it for so long it fell into disrepair and its worth was reduced to scrap value.
Standard Chartered Bank, Winsome’s creditors, sanctioned loans to Winsome after thorough due diligence, Mr Udani maintains, pointing out that whilst Standard Chartered accepted the loan defaults in Court documents as genuine business losses, they continue to pursue the company in criminal proceedings in what appears to be a vendetta.
Mr Udani explained that, having renounced all of his executive positions, Jatin Mehta took up citizenship of St Kitts and Nevis for personal reasons long before any loan defaults took place. Though Mr Mehta relinquished his executive positions, he remained a personal guarantor for Winsome and Forever and is readily contactable by banks and company directors. Jatin Mehta has been running his own business since 2012, before the alleged incidents took place.
Media download: Winsome Diamonds refutes charges