Supervisory authority targets owners of Ticino gold processor
Keystone-SDA
The Indian stock exchange regulator has accused Rajesh Exports, owner of Ticino gold refinery Valcambi, of massive accounting irregularities. The gold company is said to have overstated its turnover by around $159 billion (CHF127 billion) over a period of years.
+Get the most important news from Switzerland in your inbox
In a provisional ruling, the regulator said the company had given an “inflated and misleading picture” of its size and financial condition, according to the documents published on Wednesday. CEO and majority shareholder Rajesh Mehta was barred from trading in the company’s shares until further notice. No statement was available from him.
At the centre of the investigation is the Swiss refinery Valcambi, which Rajesh Exports acquired in 2015 for $400 million. According to the regulator, the majority of the group’s reported turnover comes from foreign subsidiaries, in particular from the Valcambi business. The authority criticised the fact that important financial information of the Swiss subsidiary and other group companies had not been disclosed.
More
More
Valcambi CEO: ‘In an unpredictable world, gold is still a safe haven’
The stock exchange supervisory authority is basing its criticism on Valcambi’s audited individual financial statements, among other things. These show significantly lower sales than those recorded at the level of the group as a whole, it said. The supervisory authority sees this as an indication that the operational size of the group may have been overestimated for years.
The investigation was initiated in 2024 following a complaint from a shareholder. The allegations are directed against Rajesh Exports and its management. The Indian regulator did not make any allegations against Valcambi itself in the ruling.
Join the debate:
Adapted from German by AI/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
