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.
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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.
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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.
Adapted from German by AI/ts
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