(MENAFN) Gold and jewelry retailer Atlas has failed to pay loans worth around USD136.2 million, with banks considering options including legal action to retrieve the money.
The non-payment by Atlas Jewellery, which runs more than 50 branches across the GCC and India, affects a minimum of 15 banks, four banks and trade sources said.
The reasons behind the debt payment failure by the Dubai-based retailer were not clear. Dubai police said the owners had been arrested in cases relating to suspected bounced checks.
"At the next meeting of banks, a common line of action to recover the money will be decided," one banker said, indicating that they would meet again in early September.
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