Diamond tycoon Mehta fails to halt case in UK

Mehta failed to demonstrate that “India is clearly or distinctly the more appropriate forum than England for the trial of this case,” Judge Edwin Johnson said in his ruling. — Reuters

LONDON: Diamond and jewellery tycoon Jatin Mehta failed to halt a United Kingdom court case that aims to recover over US$1bil (RM4.35bil) that he allegedly swindled from over a dozen banks.

The UK’s high court on Tuesday rejected the Indian magnate’s request to halt legal proceedings that were initiated by liquidation firm Grant Thornton, and backed by Standard Chartered Plc and its local Indian unit.