Nitin Sandesara
Nitin Sandesara (born 24 January 1962) is an Indian businessman.
Nitin Sandesara | |
|---|---|
| Born | Nitin Jayantilal Sandesara |
| Nationality | Indian |
| Occupation(s) | Chairman and MD, Sterling Biotech |
Career
Initial career
He initially started working as a chartered accountant, then later he diversified into the tea business.[1]
He started his business in the 1980s as a tea company. He later diversified into oil production & biotechnology. He is currently the chairman of Sterling International Enterprises Ltd and chairman, chief executive officer (CEO) and joint MD at Sterling Biotech Ltd. He is also the chairman of Sterling Exploration and Energy Production Company Limited. He serves on the board of 33 other companies.[2]
Expansion
He eventually came to control some 340 companies, including 92 outside of India, as he kept on expanding into sectors as wide-ranging as energy, construction, and healthcare. The conglomerate owned by them is worth nearly $7 billion.[3]
Nigeria
In 2011, his Sterling Oil Exploration & Energy Production Co Ltd. (SEEPCO) partnered with Nigerian-owned Allenne Energy Ltd. on a concession licence to exploit an oil field worth over $3 billion in Nigeria. Nigeria's then-president named Sterling Biotech as one of the country's top 100 businesses in 2014.[4]
Fraud and Fugitive Status
It was reported in the Indian Express that his company, Sterling Biotech took loans of over Rs 5,000 crore from a consortium led by Andhra Bank which later turned into non-performing assets.[5]
It has been alleged by the Enforcement Directorate that:[6]
Multiple prosecution complaints or charge sheets have also been filed by it before a special court here. The ED had also attached assets worth over Rs 4,700 crore of the pharmaceutical firm in June this year. The Sandesaras had set up more than 300 shell and benami companies in India and abroad which were used to divert and misutilise loan funds.
In September 2020, he was declared a Fugitive Economic Offender by Delhi's Patiala House Court.[7] His name also featured in the list of individuals accused by the Pandora Papers.[8]
In June 2021, it was revealed that he had been granted Albanian citizenship and had received an Albanian passport in February 2018. It has come to light that the Albanian government is actively hindering extradition attempts to bring Nitin Sandesara back to India.[9]
In October 2021 it was reported by The Telegraph (India) that India's ruling Bharatiya Janata Party was questioned by the opposition Indian National Congress party for having allowed several Fugitive Economic Offenders to escape from the country, including Nitin Sandesara, Nirav Modi, Mehul Choksi and Vijay Mallya.[10]
Prashant Bhushan an Indian lawyer has alleged that Nitin Sandesara is close to a former top Central Bureau of Investigation officer, Rakesh Asthana, whose daughter's wedding was held in their farmhouse. It has been alleged that the lack of swift prosecution of Nitin Sandesara is due to corruption at the top echelons of India's Central Bureau of Investigation, primarily involving Rakesh Asthana.[11]
References
- "Nitin Sandesara, Chairman". Bloomberg. Retrieved 4 February 2020.