Asian couple involved in New Zealand bank fraud may be in China

Wellington, May 21 (ANI): An Asian couple is understood to have fled New Zealand to China after a banking error involving millions of dollars surfaced.

According to a report by the New Zealand Press Association and the website stuff.co.nz, a police liaison officer was sent to China recently to search for the couple after 10 million dollars was deposited into their bank account. It is understood that the money has been recovered.

The couple, who ran Rotorua service station BP Barnetts, are understood to have applied to Westpac Bank for a 10,000 dollar overdraft and mistakenly had 10 million dollars paid into their account.

Westpac media relations manager Craig Dowling would not comment on the specifics of the case due the police investigation and court actions requiring confidentiality.

Police had asked international police liaison organisation Interpol to help find the couple.

BP Barnetts closed its doors earlier this month after its operator, Heights Service Limited, went into receivership.

The service station, at the intersection of Otonga, Old Taupo and Devon roads, was owned by Huan Di Zhang and Hui Gao. The pair was listed at a West Harbour, Auckland address.

Rotorua’s The Daily Post newspaper reported that the company owed money to creditors.

The creditors report, being prepared by Corporate Finance Limited, is not due until 19 July. Corporate Finance Limited would not comment on the matter. (ANI)

First phase of Nano bookings begins

The first phase of bookings for the Rs. 1-lakh ‘dream car’ Tata Nano began on Thursday, April 9, with crowds thronging the Tata Motors showrooms, and specially-opened booking counters in banks, including State Bank of India, which is Tata Motors’ key partner in selling and receiving the booking forms.

The forms, costing Rs. 300, are also available at Tata Indicom centres, Titan showrooms, Westside and Croma stores. The booking for the wonder car – which can also be done online – will close on April 25.

With the cost of the three Nano variants lying between Rs. 1.23 lakh and Rs. 1.72 lakh in Delhi, the booking amount, between Rs. 95,000 and Rs. 1.4 lakh, can either paid in one go or be financed from SBI and fifteen other banks. Only one lakh customers – chosen through a computerized draw within 60 days after the bookings close, will be applicable for availing the Nano launch price.

Since countless counters have been opened for bookings, there was neither any visible scamper for forms in the showrooms, nor are there exact figures available with regard to the number of bookings done on day 1.

Nonetheless, Sumeet Partha – branch manager, Tata Motors Finance Limited – said: “Among the applicants, most of them were from the middle class, be it service holders or businessmen. Most preferred loans instead of buying Nano at one go!”

Cranes software bags BR.net order from L and T finance ltd.

Bangalore, Mar 18 (ANI/Business Wire India): Cranes Software International Ltd. (Cranes Software), a company that provides enterprise statistical analytics and engineering simulation software products and solutions across the globe, today announced the bagging of BR.net order from L and T Finance Ltd., a wholly owned subsidiary of Larsen and Toubro that provides financial products and services for trade, industry and agriculture.

BR.net is a high-end sophisticated web based comprehensive banking solution specifically catering to the needs of non-banking financial companies (NBFC) and Microfinance Institutions (MFI).

BR.net is developed from a decade long experience of working closely with MFIs and Financial Institutions. A robust and scalable solution, BR.net is highly parameterized to support varied nature of operations in microfinance across the globe. Developed to offer power and flexibility, this feature-rich solution enables an organization to achieve increased productivity, better operational efficiency and improved customer service. BR.net is a special offering from Cranes Software in partnership with Craft Silicon.

Citing as natural extension to their agri-loans, L and T Finance Limited identified Microfinance as yet another segment and selected BR.net for their microfinance operations initiative.

“L and T Finance was looking for a web enabled microfinance lending solution, capable of supporting multi branch, multi location operations and quick scalability and a vendor and implementation partner with an established track record. BR.net, offered by Cranes Software in partnership with Craft Silicon seemed to fit the requirement perfectly” said N. Suryanarayanan, Head Corporate IT – L and T Finance Limited (LTF). (ANI)

Jersey delegation returns to India to showcase Island’s International Finance Centre

Mumbai, Mar 16 (ANI/Business Wire India): A delegation from the Channel Island of Jersey is in India this week, to highlight the capabilities of its finance centre as a gateway to European investment, wealth management and to emphasize the regulatory standards and legal and regulatory features of the jurisdiction.

Jersey is an Island close to the coast of northern France but still a part the British Crown.

The Island, which is a self-governing democracy, with one of the oldest parliaments in the Commonwealth, has developed a thriving financial services industry with particular strengths in banking, funds and wealth management. Jersey has no banking secrecy laws and it has been recognised as a well-regulated centre by international bodies regularly in recent years.

Representatives from Jersey Finance, the body that promotes the Island’s Finance Industry and 12 of its Members together with the Director General of the Jersey Financial Services Commission and a States of Jersey Government official, are visiting Mumbai and New Delhi, following on from their last visit in December 2008 to New Delhi.

Presentations and receptions are planned for finance and legal practitioners in Mumbai on March 17 and New Delhi on March 19.

Geoff Cook, Chief Executive of Jersey Finance Limited, said: “This is one of a number of visits to India and we have been made most welcome on each occasion.

The objective is to showcase the Island’s expertise in capital structuring for Indian business expansion into Europe and the use of Jersey’s funds regime for inward investment into India. We also have expertise and a long track record in private wealth management and we will be outlining our full range of services including details of our new foundation offering.”

Foundations will be available alongside existing investment vehicles such as companies, trusts and limited partnerships for use in financial planning and private wealth management strategies.

The Jersey delegation includes, Geoff Cook, Chief Executive of Jersey Finance, John Harris, The Director General of the Jersey Financial Services Commission, Christine Whitfield, Head of Special Projects at Jersey Finance, and up to 12 Jersey based legal and finance professionals, together with Government official Wayne Gallichan, Director of Inward Investment for the States of Jersey. (ANI)