Subrata Roy in jail, unclear investments in Skopje

Subrata Roy in jail, unclear investments in Skopje

Skopje, March 26, 2014/Independent Balkan News Agency

By Naser Pajaziti

Businessman Subrata Roy, owner of “Sahara Group” who had planned investments in FYR Macedonia is not in a good state of health and has demanded to be released on bail from a prison in India.

This was also announced by the company’s branch “Sahara Makedonija” in Skopje.

According to the press release, Roy has offered 830 million USD for his release on bail. Roy must also secure 1 billion USD and transfer it in the account of the Business Regulatory Commission SEBI in India. These conditions have been imposed by the Indian Supreme Court, but it’s not yet known if they will be accepted by Roy and his lawyers.

Roy was arrested at the end of February this year for fraud amounting to 3 billion USD which he owed to small companies, but which he had withdrawn and had allegedly used them for new investments from Sahara Group.

“Sahara Makedonija” said that the investment plan in the country is going to be implemented according to plans. Government spokesman, Aleksandar Gorgiev said that the company has declared that in spite of the current situation, investments will continue to take place. “We have been informed about their plans and we expect them to be implemented”, said the government spokesman.

The Indian company has planned investments in the “Xhumajlija” agriplant, the construction of a luxury tourist resort in Lubanishta, Struga and the construction of a 30 meter long monument of Mother Teresa in the Skopje’s square. Subrata Roy was the foreign businessman and investor who was promoted by the government in Skopje and he was constantly besides prime minister Nikola Gruevski. /ibna/