Van plows into Toronto sidewalk, killing 10 and injuring 15

Agencies
April 24, 2018

Toronto, Apr 24: A 25-year-old in a rented van plowed down a Toronto sidewalk crowded with lunchtime strollers Monday, killing 10 people and injuring 15 in what appeared to witnesses and the city’s police chief as a deliberate attack. The driver was quickly arrested in a tense but brief confrontation with officers a few blocks away.

Witnesses and the police chief said the driver, identified by authorities as Alek Minassian, was moving fast and appeared to intentionally jump a curb in the North York neighborhood as people filled the sidewalks on a warm afternoon. He continued for more than a mile, knocking out a fire hydrant and leaving bodies strewn in his wake.

Officials would not comment on a possible motive except to play down a possible connection to terrorism, a thought that occurred to many following a series of attacks involving trucks and pedestrians in Europe and the presence in Toronto this week of Cabinet ministers from the G7 nations.

Still, Toronto Police Chief Mark Saunders said he did not think it was an accident.

“The incident definitely looked deliberate,” Saunders said at a news conference Monday night as he announced that the initial death toll of nine had risen to 10 after another victim died at a hospital. He said 15 others were hospitalized.

Saunders said Minassian, who lives in the Toronto suburb of Richmond Hill, had not been known to police previously.

Asked if there was any evidence of a connection to international terrorism, the chief said only, “Based on what we have there’s nothing that has it to compromise the national security at this time.”

A senior national government official said earlier that authorities had not turned over the investigation to the Royal Canadian Mounted Police, a sign that investigators believed it unlikely terrorism was the motive. The official agreed to reveal that information only if not quoted by name.

Authorities released few details in the case, saying the investigation was still underway, with witnesses being interviewed and surveillance video being examined.

“I can assure the public all our available resources have been brought in to investigate this tragic situation,” Toronto Police Services Deputy Chief Peter Yuen said earlier.

The incident occurred as Cabinet ministers from the major industrial countries were gathered in Canada to discuss a range of international issues in the run-up to the G7 meeting near Quebec City in June. Canadian Public Safety Minister Ralph Goodale called the incident a “horrific attack” and said the G7 foreign ministers extended their condolences.

The driver was heading south on busy Yonge Street around 1:30 pm and the streets were crowded with people enjoying an unseasonably warm day when the van jumped onto the sidewalk.

Ali Shaker, who was driving near the van at the time, told Canadian broadcast outlet CP24 that the driver appeared to be moving deliberately through the crowd at more than 30 mph.

“He just went on the sidewalk,” a distraught Shaker said. “He just started hitting everybody, man. He hit every single person on the sidewalk. Anybody in his way he would hit.”

Witness Peter Kang told CTV News that the driver did not seem to make any effort to stop.

“If it was an accident he would have stopped,” Kang said. “But the person just went through the sidewalk. He could have stopped.”

Video broadcast on several Canadian outlets showed police arresting the driver, dressed in dark clothes, after officers surrounded him and his rental Ryder van several blocks from where the incident occurred in the North York neighborhood of northern Toronto. He appeared to make some sort of gesture at the police with an object in his hand just before they ordered him to lie down on the ground and took him away.

Witness Phil Zullo told Canadian Press that he saw police arresting the suspect and people “strewn all over the road” where the incident occurred.

“I must have seen about five, six people being resuscitated by bystanders and by ambulance drivers,” Zullo said. “It was awful. Brutal.”

Police shut down the Yonge and Finch intersection following the incident and Toronto’s transit agency said it had suspended service on the subway line running through the area.

Prime Minister Justin Trudeau expressed his sympathies for those involved.

“We should all feel safe walking in our cities and communities,” he said. “We are monitoring this situation closely, and will continue working with our law enforcement partners around the country to ensure the safety and security of all Canadians.”

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News Network
March 16,2020

Mar 16: An investigation into Coffee Day Enterprises Ltd., initiated by its board after the death of founder V.G. Siddhartha, is likely to conclude that at least Rs 2,000 crore is missing from its accounts, according to people familiar with the matter.

The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest coffee chain and its dealings with dozens of private companies owned by the entrepreneur. The draft report, running more than a hundred pages, points to thousands of rupees that have gone missing, said the people, asking not to be named because the details aren’t public. It also details hundreds of transactions between the founder’s listed and personal businesses that were not conducted at arm’s length, they said.

Though the report is in its final stages, the precise details could change before its release, expected as early as this week, the people said. The missing funds could total more than Rs 2500 crore, one person said.

“The investigation report is still a work in progress, and not finalized,” a spokesman for the company said. “The board of directors and the company are unaware of its content at this point of time. Hence it would be premature to speculate on the investigation findings.”

The priority for management and Siddhartha’s family “is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group,” the spokesman added.

The disappearance of the 59-year-old founder last year stunned India’s business community. He had last been seen telling his driver he was going for an evening walk along a bridge in southern India; his body was found by local fishermen two days later. A letter delivered to Coffee Day’s board and employees, which appeared to be signed by Siddhartha, described massive debts and complained of pressure from lenders and tax authorities. It claimed he bore sole responsibility for the company’s financial transactions.

The probe began about a month later when the company brought in Ashok Kumar Malhotra, a retired senior official from India’s federal enforcement agency, to investigate. A senior lawyer practicing in India’s top court is assisting, the company said in a regulatory filing at the time.

The publicly traded Coffee Day was supposed to be India’s answer to Starbucks Corp. More than 1,500 of its Café Coffee Day outlets blanketed cities and highways, with affordable options for the country’s aspiring middle classes. The chain’s tagline: “A lot can happen over coffee.”

But the empire has been battered since the founder’s death. Its shares plummeted about 90% and its market value dropped to about $80 million. Trading was suspended in February.

India’s regulators are tracking the situation and may use the company’s final report as part of a deeper dive into its internal affairs, the people said. Coffee Day showed about Rs 2400 crore in cash and cash equivalents on its balance sheet as of March 2019, the most recent figures the company has issued.

After the death of Siddhartha however, the company faced a severe liquidity crunch and had “zero cash in the bank,” according to one of the people. It struggled with day-to-day expenses and paying salaries has been a strain, the person said.

The draft report details personal guarantees by Siddhartha for loans taken by Coffee Day, and his unsecured loans at high interest rates from local money lenders, the people said. It also probes Coffee Day’s defaults to coffee growers and other vendors, they said.

A related issue is that coffee estates owned by Siddhartha and several employees had been used as collateral for bank loans. The report found that valuations for properties were inflated to get the loans, one person said.

Investigators have examined several theories about what happened to the company’s money, including whether Coffee Day was manipulating its finances to show cash and profit and whether Siddhartha was taking cash out of the listed company to pay off a large investor to whom he had guaranteed a return, the person said. From the filings of his listed and private companies, the entrepreneur’s loans had totaled more than Rs 10,000 crore, and he had been squeezed by borrowing to repay interest on earlier loans, the person said.

In the letter purportedly from Siddhartha, the entrepreneur said he had tried his best but failed as an entrepreneur. “I am solely responsible for all mistakes,” the letter read. “Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.”

As the report nears release, Coffee Day is finalizing a deal with Blackstone Group Inc. for real estate assets. A large tranche of the payment is due in about a week, one person said.

Coffee Day said it is working to reduce its debt load by divesting non-core enterprises.

“The aim is to save employment and preserve this iconic Indian brand,” the spokesman said.

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News Network
March 16,2020

New Delhi, Mar 16: Due to the coronavirus pandemic, most airlines in the world will be bankrupt by the end of May and only a coordinated government and industry action right now can avoid the catastrophe, said global aviation consultancy firm CAPA in a note on Monday.

"As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants," it stated.

Across the world, airlines have announced drastic reduction in their operations in the wake of the coronavirus outbreak. For example, Atlanta-based Delta Air Lines stated on Sunday that it would be grounding 300 aircraft in its fleet and reduce flights by 40 per cent.

The US has suspended all tourist visas for people belonging to the European Union, the UK and Ireland. Similarly, the Indian government has suspended all tourist visas and e-visas granted on or before March 11.

CAPA, in its note on Monday, said, "By the end of May-2020, most airlines in the world will be bankrupt. Coordinated government and industry action is needed - now - if catastrophe is to be avoided."

Cash reserves are running down quickly as fleets are grounded and "what flights there are operate much less than half full", it added.

"Forward bookings are far outweighed by cancellations and each time there is a new government recommendation it is to discourage flying. Demand is drying up in ways that are completely unprecedented. Normality is not yet on the horizon," it said.

India's largest airline IndiGo -- which has around 260 planes in its fleet -- said on Thursday that it has seen a decline of 15-20 per cent in daily bookings in the last few days.

The low-cost carrier had stated that it expects its quarterly earnings to be materially impacted due to such decline.

CAPA said the failure to coordinate the future will result in protectionism and much less competition.

"The alternative does not bear thinking about. An unstructured and nationalistic outcome will not be survival of the fittest.

"It will mostly consist of airlines that are the biggest and the best-supported by their governments. The system will reek of nationalism. And it will not serve the needs of the 21st century world. That is not a prospect that any responsible government should be prepared to contemplate," the consultancy firm said.

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News Network
May 25,2020

Beijing, May 25: China has reported 51 new coronavirus cases including 40 asymptomatic infections, majority of them in the contagion's first epicentre Wuhan, where over six million tests have been conducted in the last 10 days, health officials said on Monday.

The country's National Health Commission (NHC) said that 11 new imported cases were reported on Sunday.

While no new domestically-transmitted COVID-19 cases were reported in China on Sunday, 11 imported cases including 10 in the Inner Mongolia Autonomous Region and one in Sichuan province were reported, the NHC said in its daily report.

Out of the 40 new asymptomatic cases, 38 were reported in Wuhan, which is currently undergoing mass testing of its over 11.2 million people after a spike in the asymptomatic cases.

Currently, 396 people with asymptomatic symptoms are under medical observation in China, including 326 in Wuhan, according to the health authority.

Asymptomatic cases refer to the patients who have tested COVID-19 positive but develop no symptoms such as fever, cough or sore throat. However, they pose a risk of spreading the disease to others.

Wuhan, which earlier had over 50,000 cases between January and March, started a campaign on May 14 to expand the nucleic acid testing in order to better know the number of asymptomatic cases or people who show no clear symptoms despite carrying the virus.

According to the latest figures released by the Wuhan municipal health commission, the city conducted more than 6 million nucleic acid tests between May 14 and 23.

On Saturday, the city carried out nearly 1.15 million tests, state-run Xinhua news agency reported on Monday.

Nucleic acid testing is a molecular technique for screening blood donations to reduce the risk of transfusion transmitted infections.

As of Sunday, a total of 82,985 confirmed COVID-19 cases have been reported in China with 4,634 fatalities, the NHC added.

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