Three Kerala companies have more gold than Sweden, Singapore, Australia!

December 14, 2014

Kerala companiesKochi, Dec 14: Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Financeand Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.

Muthoot Finance, the largest of Kerala's gold loan companies, holds more yellow metal in its vaults than the reserves of Greece (112.4 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

India, according to the World Gold Council, has the 11th largest gold reserves, with 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,384 and 2,814 tonnes, respectively).

"Historically, Malayalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malayalis' hunger for gold and the strong dowry system which feeds gold and gold loans," said CJ George, founder and managing director of stock broking firm Geojit BNP Paribas.

It was even better a couple of years ago. Muthoot Fincorp, which has a gold loan portfolio of Rs 8,550 crore, then had 41 tonnes of gold in its vaults. "Then, two things happened ” gold prices declined and banks became aggressive in gold loans. As gold prices declined, our business also came down slightly, reflecting on our gold holdings," said Thomas John Muthoot, chairman and managing director of Muthoot Fincorp.

Muthoot Finance is the largest gold loan NBFC with a reach of over 4,265 branches across 21 states and four Union territories. Its gold loan portfolio is Rs 21,800 crore. Manappuram Finance has 3,200 branches nationwide and 20,000 employees, with a gold loan portfolio of Rs 9,000 crore.

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News Network
July 25,2020

Chennai, Jul 25: Two weeks after a 62-year-old widow accused him of harassment, including urinating outside her house, the Chennai Police on Saturday registered an FIR against ABVP national president Dr Subbiah Shanmugam.

Dr Shanmugam, Professor and HOD, Department of Surgical Oncology, Kilpauk Medical College and Government Royapettah Hospital, has been booked under sections 271 (disobedience to quarantine rule) and 427 (mischief causing damage) under the Indian Penal Code (IPC) and Tamil Nadu Women Harassment Prevention Act.

The FIR was lodged exactly two weeks after the woman’s relative Balaji Vijayaraghavan filed a complaint with the Adambakkam police accusing Dr Shanmugam of harassing his aunt, who is living alone in her apartment following her husband’s death last year, following an argument over a parking slot. 

The action came after Vijayaraghavan alleged that the police were not filing an FIR due to the ABVP functionary’s “political connections.”

Dr Shanmugam and the woman were living in the same apartment complex in Nanganallur and an argument broke between them over a parking slot.

“He wanted to use our parking lot. We agreed but demanded a nominal charge for using it. He was outraged by our demand and even broke our signboard at the parking lot,” Vijayaraghavan wrote in his complaint.

He also alleged that Dr Shanmugam began harassing her by throwing “pieces of chicken” outside her apartment despite knowing she is a vegetarian.

CCTV footage corroborates with the allegations of urinating outside the residence of the widow. However, the ABVP called the incident as a “malicious and derogatory propaganda” by the Congress’ student wing of NSUI.

"The video shared by NSUI with an allegation of harassment is tampered with and is being used with malafide intentions. The two families have discussed this within their housing society and have already concluded that the harassment allegations were caused due to misunderstandings and are untrue,” ABVP National General secretary Nidhi Tripathi said.

Vijayaraghavan also alleged in his two-page written complaint that the ABVP national president had urinated outside the woman’s apartment gate and had been throwing garbage and used masks at her gate.

In his complaint, Vijayaraghavan also said the family was “concerned about her safety” while asking police to take action against Dr Shanmugam, who he says, “has a bad track record in maintaining rapport with neighbours.”

Also Read: ABVP national president accused of harassing woman, urinating at her doorstep

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News Network
January 15,2020

Mangaluru, Jan 15: A 28-year-old man, who is a first-year MBBS dropout, was arrested by the police after he posed as a doctor and treated patients at a private hospital at Derlakatte on the outskirts of the city.

The arrested has been identified as Mohammed Habib Hussain, a native of Shivamogga, who was residing in Attavar, Mangaluru. He had discontinued studies after the first year due to personal reasons.

The incident took place on Sunday night  at Yenepoya Medical College, Derlakatte. Dr Sampathila Padmanabha, medical superintendent, Yenepoya Medical College, said the accused had come to the medical college at midnight on December 29.

After speaking to the security guard at the hospital entrance, he introduced himself as an assistant to the consulting urologist, and wanted to visit patients at the private ward situated at floor number 7.

After entering, he called the duty nurse to get case sheets. Later, he examined two women patients in the presence of the duty nurse, and also wrote a prescription on the patient case sheet. He also yelled at a nurse, saying that she isn’t doing her duty properly, and left the place.

However, the nurse who grew suspicious, informed the management, after the accused had left the place. The management, who crosschecked about the accused, found out that he is not a doctor, and that he is also not associated with the hospital.

The management sent an advisory to all employees to produce their identity cards, whenever they enter any wards, especially at night, and also to keep an eye on anyone suspicious. The same message was passed on to other hospitals in the vicinity.

The accused again showed up at the hospital on Sunday night. As security guards were told about strangers visiting the hospital in the guise of doctors, he was allowed to enter the hospital premises, so that he can be apprehended. He later went to the reception counter and queried about the consultant urologist. When he noticed that the staff had an idea about what was happening, he tried to flee from the spot. He was later caught by a security guard, and the police were informed. He was arrested by Ullal police station personnel.

Dr Padmanabha added that he used to roam around with his friend in a car. He was also involved in a similar incident at a private hospital in Kankanady, and the same has been informed to the police. He visited hospitals in a car, which has been seized by police.

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News Network
June 5,2020

New Delhi, Jun 5: Congress has named Mallikarjun Kharge as its candidate for ensuing biennial elections to the Rajya Sabha from Karnataka.

Party interim president Sonia Gandhi approved Kharge's candidature on Friday, according to a Congress release by general secretary Mukul Wasnik.

The elections to fill the pending 18 Rajya Sabha seats from seven states will be held on June 19.

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