Dubai's Atlas fails to pay USD136.2m loan
(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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