Thread by @maheshperi

No talk of how Gujarati Businessmen benefit in India is complete without talking of Sandesaras of Sterling Biotech. With Adanis in the news for their unknown Mauritius investments, this becomes all the more important.

1. Sterling Biotech, A Gujarat based company promoted by Sandesaras owes Rs15,600 crore to Indian Banks.
2. The loans turn bad. In 2017, the entire family leaves India. They are now absconders from the Indian legal system.

3. Albania and Nigeria give them citizenship. Albania also makes them an honorary consul.
4. The bad loans reach insolvency proceedings where banks agree to a one time settlement (OTS) at 3100 Crores. That is 80% write off for banks.

5. The OTS money was supposed to be paid by March 2020. Initially, they pay only 181 Crores.
6. Now, citing Covid, they want an extension to pay the balance amount to December 2021.

7. They have extensive business interests across Albania, Nigeria, USA and across the globe through close to 100 companies. They don't disclose the source of funds for the OTS and in an online video call say the repayment money is 'not fruit of crime'.

8. In Sep 2020, after extensive legal process, courts declared Sandesaras as fugitives.
9. However, IOC, an Indian PSU, continues importing oil from Sterling Oil, a group company based in Nigeria.

10. And here is the catch. They argue against repatriation to India by citing 'Religious Persecution' in India. That may be the first time a Gujarati Hindu family is claiming Religious persecution.

They were close to BJP. To Congress. The banks favoured them. The CBI used them too. Sterling Biotech is the saga of most defaulting Gujarati Businessmen. And Indian PSU banking too..

END.