Thumbay Group ranks among ‘Top 50 private companies in the UAE’
Dubai, Dec 31: Thumbay Group, the Dubai-based global conglomerate with diversified businesses, has been ranked in the list of ‘Top 50 private companies in the UAE’ published by Forbes Middle East.
The list was compiled on the basis of the number of employees in the company, the number of countries they operate in, the type of businesses as well as the number of sectors they operate in and the age of the company.
The list is a part of Forbes Middle East’s first ‘UAE 100 ranking’, recognizing companies that have played a key role in making the country the thriving business center that it is today. Thumbay Group ranks 29 in the list.
Dr. Thumbay Moideen, Founder President of Thumbay Group, said that the top ranking achieved by the company was recognition of its sustainable growth and diversification. “This recognition comes at a time when Thumbay Group has embarked on a new phase of growth and global expansion, aiming to increase the size of our businesses at least 10 times, strengthening our global presence, and expanding the employee strength to 25,000, by 2023, according to our strategic plans," Dr Thumbay Moideen said.
He further informed, "2018 also marked the 20th year of Thumbay Group’s success, growing from a single company to a diversified international conglomerate with business activities across 20 sectors.”
Established by Dr. Thumbay Moideen in 1998, today Thumbay Group is a diversified international business conglomerate headquartered in Dubai, with presence across 20 sectors of business including Education, Healthcare, Medical Research, Diagnostics, Retail Pharmacy, Health Communications, Retail Opticals, Wellness, Nutrition Stores, Hospitality, Real Estate, Publishing, Technology, Media, Events, Medical Tourism, Trading and Marketing & Distribution.
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US SEC summons Gautam Adani, nephew Sagar in bribery case
New York (PTI): Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts.
Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days.
"Within 21 days after service of this summons on you (not counting the day you received it)...you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," said a November 21 notice sent through the New York Eastern District Court.
"If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court," it added.
Gautam Adani, 62, and seven other defendants, including his nephew Sagar, who is a director at the group's renewable energy unit Adani Green Energy Ltd, allegedly agreed to pay about USD 265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that expected to yield USD 2 billion of profit over 20 years, according to an indictment unsealed in a New York court on Wednesday.
Separate from the indictment brought by the US Department of Justice, the US SEC has also charged the two and Cyril Cabanes, an executive of Azure Power Global, for "conduct arising out of a massive bribery scheme".
The ports-to-energy conglomerate has denied the allegations and said it will seek all possible legal resources.
"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation fully compliant with all laws."
An indictment in the US is basically a formal written allegation originating with a prosecutor and issued by a grand jury against a party charged with a crime. A person indicted is given formal notice to reply.
That person or persons can then hire a defence lawyer to defend.
Prosecutors said the investigation started in 2022 and found the inquiry obstructed.
They also allege that the Adani Group raised USD 2 billion in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies, as well as reports of the bribery probe.
"As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and... lied about the bribery scheme as they sought to raise capital from U.S. and international investors," US Attorney Breon Peace said in a statement announcing the charges on Wednesday.
"My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets."
