Amazon Alleges $1.5 Billion Diverted From Future Retail Amid Dispute

Amazon Alleges $1.5 Billion Diverted From Future Retail Amid Dispute

Newsdesk |
November 26, 2021 Inc., which is trying to block India's richest man from taking over a struggling retail chain, fired a fresh salvo by alleging that money from the local firm was possibly diverted to other companies.

New Delhi, 26 November 2021

As per news report of NDTV,Future Retail Ltd. transfered 70 billion rupees ($939 million) in the year ended March 2020 as a capital advance to a company controlled by its founder Kishore Biyani and as payment for goods and services purchased from the related firm, Amazon said in a letter seen by Bloomberg News. Future Retail also created unusual rental security deposits and made advances to suppliers worth a total 43 billion rupees the same year, even as business slumped and it was shutting stores, Amazon said."Significant amounts may have been diverted from Future Retail," Amazon said. By unwinding at least part of these transactions, Future Retail can "immediately partially repay outstanding debt owed to banks and creditors to ensure business continuity and survival," it added.

Source -NDTV


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