Atlas owes Dh30 million to suppliers in UAE

Embattled Atlas Group has asked for more time to repay almost Dh30.1 million to its gold and jewellery suppliers, Emirates 24|7 has learned.

Sources in the know told this website that the group owes five bullion suppliers Dh15.3m while jewellery suppliers are owed another Dh14.5m. This includes about 25kg gold. Ther are smaller amounts owed to others.

The group has also requested the Dubai Gold and Jewellery Group to intervene in the matter and request additional grace period from most of its suppliers.

A source at the Dubai Gold and Jewellery Group confirmed that they have indeed received such a request and said efforts are on to convince suppliers to grant additional time for repayment.

Several of Atlas’ suppliers who were promised payments in timeframes ranging from one day to a week said they were in discussions about a negotiated settlement.

Most jewellers were, however, unwilling to go on record and reveal the extent of their exposure.

Ramachandran, the chairman of Atlas Group, is currently in police custody and has already gone on record stating that all efforts are being made to repay pending dues at the earliest.

“We are willing to repay our dues at any cost even if it means selling our assets,” he said in a statement to Emirates 24|7.

Meanwhile, efforts are continuing this week to get him released on bail.

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