Parti Lepep Donor Goes Bankrupt

CHENNAI: NRI businessman C Sivasankaran who rode the telecom wave for two decades is officially bankrupt.

The serial entrepreneur has applied for bankruptcy protection in a Seychelles court to ward off a claim by his Bahrain-based telecom partner Batelco, which won a court decree for its $212million claim on its investment in S Tel, for which Sivasankaran stood personal guarantee. S Tel's telecom licences in India were cancelled along with 121 other licences by the Supreme Court in the 2G case.

The 58-year-old Sivasankaran, or Siva as he is referred to in business circles, filed for insolvency in a court in Seychelles early August. He is a citizen of Seychelles. The Supreme Court of Seychelles ordered Siva insolvent on August 26 (last Wednesday) and has since appointed a receiver. 

"It is hereby declared that the debtor Chinnakannan Sivasankaran is bankrupt and a bankruptcy order is made accordingly in terms of Section 14 (1) of the Insolvency Act 2013. The declaration and commencement of bankruptcy shall take effect immediately," acting chief justice of Seychelles Supreme Court D Karunakaran wrote in an order.

Siva, who sold Aircel to Maxis, bought and sold Barista coffee chain and stakes in Tamilnad Mercantile Bank, besides a host of other deals, could not be reached for a comment.

The court has appointed Bernard Pool as official receiver and manager of Siva's estate "with immediate effect". The official receiver has been directed to investigate Siva's financial affairs and file a preliminary report in three months time.

"Sivasankaran's bankruptcy will not thwart our determination to recover the substantial monies that he owes us," Batelco chief executive Alan Whelan said in a company statement.

Batelco and Millenium PE fund entered into an agreement to invest $225 million ($175 million by Batelco and the rest by the fund) in 2009. Millenium PE backed out of the deal. Batelco ended up with a 42.7% stake in S Tel.

Siva, sources said, is not a shareholder or a director in any of the businesses that his group manages. "He did not get a single rupee from Batelco from the stake sale, he is facing this tumult because of a personal guarantee, that too for an equity investment," sources said. Other telecom firms like Etisalat which invested in Swan Telecom, whose license was also cancelled, had to write off its investment while Batelco has been successful in getting court orders to recoup its investment.

"The bankruptcy will not affect any of Siva group's Indian operations as he is only a founder and not a shareholder or director in any of the companies," sources said.

Batelco had announced it was selling its stake in S Tel back to Siva, in exercise of its `put` option. In October 2011, both Batelco and Siva agreed on the buy-back, on the condition that Siva would transfer nearly 79 million Tata Tele shares that he owned to Batelco, valuing them at $174.50 million.

"Batelco accepted a settlement when Siva promised share. A 28-day delay in getting regulatory clearances for this transaction was used by Batelco to walk away from the deal as the valuation of Tata Tele had fallen by then," sources said.

Almost all of Siva's Indian businesses have run out of steam, his wind turbine business WinWind, a mountain spring water business and his shipping line Norway.






Comments

  1. Is he not the Seychelles Ambassador at Large? Wow! if the Ambassador is bankrupt the country must be bankrupt too!

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  2. Seychelles Ambassador at Large Bankrupt?
    Too much money to PL Kalawan?
    What happen?

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  3. What will happen with all the land he had purchased left right and centre in Seychelles? Sesel Sa,si ou pas kaka be oua Pete .ler Mon Fes e grate un malbar e more Dan land.

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  4. His not bankrupt all the money made are on his offshore account in Switzerland.

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  5. Sa wa dir enkor !

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  6. Fake Bankruptcy of course, a fraud upon the courts.
    Jail time.

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  7. Bernard Pool should make a note of all his land investment. These should be liquidated to pay back his creditors.

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  8. Everything that Pp undertakes turn into failures. Remember the days when Pp was carrying Siva shoulder high, removing all bureaucratic hassles for him to buy all land he could lay hands on, appointed him Ambassador at Large over a native son! - Mrs. Potter are you there? do you remember your words of praise for this Indian national before the Seychellois National Assembly? Those were the days before Khalifa become the new favorite and provider to Pp's coffer. More reasons for Pp to hang on to Khalifa now that he is the sole provider for the election which is fast approaching. His failure will come soon too.

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  9. Its the curse of the dead n the blood spill in the Seychelles soil .The persistant repression to free this people.It manifest itself in a different way.Time will tell ,time will surely tell.
    treau beaucoup lapriyere people find solace into to free their minds.
    ler Mon Fes e grate un malbar e mor Dan land.

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  10. Marieloo pe bien ouver son lasamb labas lameric e pan ni entereser avec Ki pe ariver Seychelles hey siva.

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  11. So now SIVA he is a bankrupt Ambassador for Seychelles!
    May be Manchanm the TRUDEAU OF THE EAST could have been better.
    BTW Manchanm gave himself this tittle in Sept.1975.

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  12. The controversial fake Seychellois is forced to throw in the towel.Rightly, harassed by creditors,GURU SIVA could no longer pay his debts.Filing for Bankruptcy protection from his creditors,SIVA would therefore avoid within a year or so,to get rid of his debts(that means he won't have to pay back pending debts and could make a new start after a year :, SIVA opts to ---Filing for BANKRUPTCY PROTETION instead of simply BANKRUPTCY ,the former avoids that his assets liquidation to pay for his debts,else SIVA would become Homeless and a beggar.

    What can God Michel the butcher do for his fake Seychellois SIVA?Well,notorious Michel and his thuggish party could illegally put in place A BANKRUPTCY PROTECTION FUND that could allow partilepep to use ^TAX PAYERS money to pay for SIVA failures,then he would be able to keep his Swimming pool and car while tax payers would take his financial burden on their back.And I guess,SIVA just before filing for Bankruptcy Portection has moved some of his money left ,.quietly to another secret account,in order that what remains on his bank account is a nominal amount of money ,which would help him exempt from Creditors,or transferring some remained assets to others just to remove them from bankruptcy.etc..etc...With his partilepep crooked friends he would be adviced to use all kinds of tactics to save his arse.It seems the bankruptcy syndrome carries by partilepep has finally contaminated SIVA,I wonder how partilepep is going to proceed to save its Fake Seychellois friend and self-made Seychellois Ambassador.

    Jeanne D'Arc


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  13. Hey Partilepep --we need our passport back that you illegally gifted Siva.Paspport is not an automatic right,there are conditions to be fulfill as stipulated in our Constitution and there is no Seychellois name such as SIVANKARAN, though there might be crooked RAMKALAWAN that sound similar but however, the former has nothing to do with Seychellois ,he is a fake.

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  14. SIVA operated businesses sponsored by partilepep with money they robbed from tax payers' coffers as means to laundered.After this bankruptcy partilepe would aurely be active finding ways to rob Seychellois from their money to compensate,bail out SIVA for after all SIVA success was also partilepep means of sponsirng their lavish,expensive lifestyle and means to buy disperate elelctors.There must be another means of gain9ng the money.Where partilepep?Well ,as always in tax payers' coffers.

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  15. To whose milk cow's tits will partilepep hang on to suck now`?Would it be RAMADOSS who partilepep sucked and then sacked?Or there is new vicitms such as MATERI who could be an unwilling victim due to his situation and having no place to hide...if he does not cooperate partilepep mightthreaten him from extradiction to Tunesia,something Materi could not afford.

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  16. There is persistant rumour of a military coup in the army circle.can Seychelles authorities clarify?zot dir Ki larme e oule prend pei.

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  17. The country is headless, no serious leadership. It is becoming a joke.

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  18. Than he will sell our land for pay back?pran pei sloda le peupel I will join you Thailand military have shown how its done when politicians just mess around can fixed up their mess and division they have create,discrimination corruption involved in modern slavery and so on.

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  19. Ghost Seychellois Sivasankaran goes from billionaire to bankrupt or if you prefer from Rich to broke/riches to rags.His falls seem deep and fast.He loved to show his swimming pool,his big villa.his big car almost parked right in his living room.When the tide goes down you can see the man who is not wearing a bathing suit,that was happended with SIVA.

    Having billions and celebrity status gifted to him by partilpep does not do much to deter bankruptcy.now he must struggle to protect what he has left.So how is it that Partilepep Hindu God SIVA finds himself in bankruptcy court?The answer is in his story.Lack of financial education.Often ,when you have nothing to having everything.a financial education is not part of the package.Learning how to save,budget,and invest can take years,and if you have never had substantial money before,you may never have it later.Of course ,Partilepep main foreign sponsor is going to bring partilepep to its knees,unless partilepep gang of tics finds some new cow milks to suck dry like disperate Materi,who could well be partilepep tics next cow milk.Else partilepep would use the old crooked tactic namely borrow more foreign loans to sponsor partilepep lavish life style.I am sure,with all its thuggish creativity,partilepep would come up with a new robbery stragety to keep the party from falling either by racketing MAteri under pressure of the risk of deportation or digging simply into Tax payers' coffers.or illegal sell out of our passports and patrimony,why not illegal arm deals in Africa,increase of Hard drug trafficking,Huamn trafficking ,Illegal offshore Company ,money laundering,Why not if necessary Human organ trafficking like Michel friend RAJAPAKSE is already an expert in.




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  20. In SAMOA Michel calls for introduction of Vunerability Proflie--Seychellois on their part call for immediate Introduction of DEMOCRACY in Seychelles in order that Seychellois can freely and fairly choose their leaders,nd thereby choose the most intelligent of leaders no monkeys like Michel ,who are the less educated and should never be in any government positions.

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  21. Does SIVA still has share in PL?

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    Replies
    1. YES including Camel Fleas under his CROTCH.

      Delete
  22. He is building hotel on Praslin. Do not be fooled.

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  23. Yes lot that much left --,that is why POOL was appointed by partilepep as SIVA's lawyer.

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  24. The hotel at Anse Matlou near Larchipel?

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  25. Everyone that JAM nominates is a disaster.
    Without his teleprompter he would be at a complete loss.
    Every time he speaks without it, he put his foot in his mouth and start twisting his two skinny hands.
    He could be a good assistant t0well boy in the PEe wEE SH0w.
    About time for a new leader.

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  26. Siva Ti pe fair grand Fes ler e Ti debark sesel.E Ti pe march Fes ouvert partout kot e Ti passed pou rode laterre pou Li astey.
    Sa bougue lontemp e Dan problem Sa.
    bougue lontemp e Dan problem depi kot e Ti sortie laba Dan lenne.
    Siva march grand Fes ancore? Ou pas oule astey laterre ancore liki ou maman.

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  27. We know Mr Siva, Officials and staff - beside India intelligence Service. We have this to add " how Rajiv Gandhi came to power, then Mrs Thatcher our issues, what we have been telling everybody all along - the massive gap in those who write so call history/supposed facts.

    The new government decided to open up computer manufacturing to the private
    sector and a number of companies started making minicomputers using
    imported microprocessors. UNIX was the Operating System of choice.   In 1984 and 1986 the government removed numerous controls on the industry and on
    imports when Rajiv Gandhi became the Prime Minister.  The new policy allowed
    the import of fully assembled motherboards with processors and reduced import
    duties. This led to a sharp reduction of price and a speedier spread of computer
    use. In 1986 software companies were allowed to import computers at reduced
    import duty rates to enable them to export software.    Software development
    was recognized as an industry deserving many tax concessions.  The year 1986
    also saw the change in the mind‐set of the general population and the politicians
    about the relevance of computers due to the success of the computerized ticket
    reservation system of the Indian Railways.  The new reservation system reduced
    the waiting time in queues of customers wanting to reserve seats on trains.  It
    also reduced some malpractices and led to an increase in the number of
    reservation clerks as a large number of counters were opened, each one
    requiring a clerk.

    http://www.cbi.umn.edu/hostedpublications/pdf/Rajaraman_HistComputingIndia.pdf

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  28. Building computer and computer science is highly complex - you just do not get a container of parts and put then together and say you are a computer builder. Be they in USA, Europe, China, Russia - there are greater issues which have impacted the computer development/will continue, High Interdisciplinary/Multidisciplinary workings - What about the issues of the "Golden Temple attack " the core issues was certain important discipline impacted certain very significant workings in Britain - then Kilburn, those whose brain have not been drowned in booze. Again what have been written as History - President FA Rene you said at the time your Lodge was greater, better and more powerful than our field Lodge based in Kilburn - you should easily remember this/these issues and yet. { We trust Admin will not get mad at our person" http://news.bbc.co.uk/1/hi/world/south_asia/3754489.stm

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  29. Sa menm ki apel Partilepep - pou lepep - dirize par lepep.

    Pov dyab- i fer la pen'n mon apel mon en seselwa.

    JPA nek nek nek i kas son la tet pou explik li serten keksoz e i pa konpran menm.

    HE IS AN EMBARRASSMENT FOR SEYCHELLES.
    THE WORLD LEADERS THINK WE ARE ALL THE SAME.

    HE DOESN'T EVEN KNOW WHAT HE DOESN'T KNOW.

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  30. Tou sa ki vin fer biznes sesel se ban'n voler.
    C'est sont les ALI BABA et les 40 voleurs.

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  31. Hotel next to Pool family Côte D'Or.

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  32. Siva pe constipey,e pas capab kaka lafoir masala.mon tande Ki e Napa larsan pou Li astey Kari poul pou Li mansay.tou Sa laterre kin oun astay la oua pe marse avec ou ledoya Dan ou trou Fes pou fair ou kaka.hahahahaha.

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  33. This is a national disgrace that James Michel Ambassador at Large uses his laws to declare Bankruptcy and seek court protection.
    Creditors must apply to the court to pierce corporate veil Siva has used to abscumb his creditors.

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  34. Siva was a major financier to SNP. Where did all the money go Father Wavel? SNP wants that money back.
    You stole from us.

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  35. 13.08
    Partilepep ideas seems to come from Frankenstien labor---partilpep always made the ridiculous choice by wasting tax payers money in project that we do not have the raw material to do so(Like Oil tankers)and fail to do what is possible such as(instead of buying Oil tankers -we donot have oil.we ashould have Tuna fishing Sieners )and of course decsions are made by a gang of partilepep crooks together with foreigners.

    Check this,we have tons of seaweeds that infest our shores on each North East monsosn,seaweeds are high quality raw material to produce various highly and expensive medication for world market(especially Africa)such as medications against Cancer,Diabet,Malaria and many other illnesses and diseases ,this could be a filed where we should invest and develop,why?becuse we do have the raw material locally and for free.becuase it is a lucrative business that would generate multi-million in revenues ,and there is a real market on African Continent and because this would create an important over source of revenues for the country along side tourism.The interesting part of converting seaweeds into medications is that the process in not complex and not expensive compare to the use of over raw materials.

    Morevoer,throwing ourselves in a business such as developing Computers or other electronic material is a filed in which lots of money and with all those Nations which have already established themselves on the world market ,the porpability that of starting any such project would lead to failure ,because there is a rigid competition out there between companies with fianancial power that would bankrupt any small company ,under qualified,experience who tries to go in an adventure they ignorance of or have little expertise and finance.

    What about developing our Outter Islands and offer tourists n alternative to Maldives.We have enough islands to do that,which would boost tourism arrival thus revenues,allow a STOp to building more hotles on Inner islands which have become already to many(which would lead if not stop to mass tourism therefore a fall in quality with all its envrionemental,societal consequences).No that is not good for paritlepep,because our Outter islands seems to belong to Glenny Savy and which aprtilelep thinks it can sell ou illegally to foreigners ,like to Sri Lankan Dictator and Michel 's friends RAJAPAKSE..and other despots.

    Partilepep could have also develop Open water fish farming--thus create more activities for our Fishermen and secure our FOOD security while at the same time produce enough for export(What about Red snappers farming Partilepep?).Or Nud Crab farming which is also possible for we have the raw material and ideal spot to do this such as the in the logoon between east coast rd ,the lagoon we see while driving from Victoria to the Airport).

    Aprtilepep could use the money to help farmers an fishermen to fro instance_revive Honey farming by using Local bees --this is something which exist in the past--for instance Mitsy Laure Uncle has in the 70/80s an important farm at Cote D'Or but unfortunately the market was not there---today there is a real market---hotels.restaurants etc...)
    _-Create new small local companies such as SCENT (for interior of rooms etc...)with local herbs and flowers such as Lemon Grass,Cinamon,Vanilla etc.....including SCENT OIL--
    --Shakemilk comapnay---like the new company that produce now fresh fruit k^juice-----there could be a company special in produce heathly shake milk from fruits and vegetable.
    -Use the money to develop night attractions and activities from tourist Partilepep.We need sustainable development partilepep,and the boost of small and medium enterprises and when possible first developing enterprises which could rapidly be developed and be successful --that is developing enterprises that could exploit raw material locally available instead of fantasy enterprises that are bound to fail.


    Jeanne D'Arc



    -



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  36. PL has unilaterally without pre-consultation decided that Anse Royal hospital would be used as EBOLA clinic.Well pl is guess prevention is the most effective way to avoid that EBOLA land on our shores--that is for example ,stoping Airsey flights from and to certain African countires ,or transit for some afircans due to the risks.Secondly,A normal hospital ,where other treatment ,patients use cannot be use for treatment of EBOLA for the risks that other patients not to do with EBOAL are comtaminated is immense.This would help develop the epidemic instead of containing it.In a word,a place
    of isolation and far from public access.

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  37. OIn his balh balh around the wordl on climate change and bleu economy--Michel the butcher catchword is RESILIENCE----Can dictatorship BE RESILIENT?Not likely.The thing is that no individual can build relsilence by dicatotion or alone.Resilience is a join is about join effort.No single activity on its own is likely to build resilience,marom Michel.Building resilience means addressing the immediate cause of vulnerability.food insecurity(ientering WTO is surely not a dign of resilence for it creates food insecurity Michel)etc..while building capacity of PEOPLE(that is participation of the populace)and its government to better mamange underlining risks top their lives and livilyhood.Handing our National econ0my to foreigners and allow them to control it ,is surely not an action of RESILENCE,when partilepep imported chicken from Brazil and do not even try to produce it locally is not resilence Michel..Resilence is about not divide development from humanitarian action.Dictators can be resilence for the are not accountable to anyone.
    You know what .stop preaching Michel ,go put a rope around your neck donkey.You have made Seychellois the laughing stock of the world donkey.You belong in a zoo maron.

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  38. RASSOL appointed EMIRATES ' districts manger of Seychelles.Is Seychelles belongs to EMIRATES Airline pl?IS Seychelles a colony of EMIRATES pl or it is a sovereign ,independence State with its own people,Nation ,culture,trandtion etc...

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  39. SIVA was adviced by pl to do so,in order to escaping paying debts to his creditors.POOL chosen as representative of SIVA by pl,to ensure ,that SIVA remaining assets such as His villa,Big car,gold chain and rolex,etc....are no sold to pay his debts.How is Pl going to sponsor itheir lavish lives,excesses and buy votes now that SIVA is bankrupted and Ramadoos does not want to throw his dollar to pl?Well,Pl has another source ,it is call illegal agreememnt,contracts with foreign oil companies .Revenues generated in thsese deals remain unaccounted for,no official publication,nothing at all, for it is a good means to rob Seychellois assets.There is another crooked means Pl can use as thugs namely pressure MATERI to sponsor Pl else he might be threaten of extradiction,deportation,even sell him to Tunisian government.The poor is in disperation,and pl crooks would not hesitate to rob him by force.

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  40. Valor pou mwan >Valor pour nou tou.The question that remains to be answer is---how does pl define VALOR;what is Pl VALOR---communism,money laundering,rrobbery,illegal sell out of our patrimony,organized Intenrational crime activities?Tell us FAURE.

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  41. PP does not need Ramados, Siva, Materi, Krechir or anyone for that matter. Over the past few years we at PP/SPPF have invested wisely. Look at our Royal Family - Glenny with all the outer Island, Ti Francis will untold riches, Adam with loads of deals on the sides, Jo Albert with Creole, Cat CoCos, UCPS. Of course we have the Espace building which was funded by 'sponsors' we gave Seychelles passport to. Now, we have our own elite Seselwa Royals to fund our election programme. We do not need the begging bowl anymore. IT IS YOU STUPID SESELWA THAT NEEDS A BEGGING BOWL POU VIN ENPARE KOT PP/SPPF. Seselwa we are getting your gifts/money & favours ready for next election. Get your begging bowls out. Together we can make it happen. Don nou ekor cinq (5) !!!!!!!! SPTC

    ReplyDelete
    Replies
    1. SPTC = SESELWA POU TOUZOUR COUYON.

      Delete
  42. SPTC = SESELWA PA TOUZOUR COUYON

    ReplyDelete
  43. Siva,march Fes ouver Seychelles ancore,ou pas oule fair grand Fes ancore? Mon Annan un grand laterre ladigue pou vandre ou pas oule astey?
    Cote Mon pou capab contacts ou ?
    Eski ou le Mon telephone Bernard Pool?
    Mon tander Ki ou ledoua inn pri Dan ou Fes hey si ou tire ou capab kaka.
    well Bernard will help you out to removed it safetly.

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  44. Bwat sardin pankor plen.
    Sez devan i ankor vid.
    Ler nou al legliz.
    nou azis deryer.
    Devan i zis pou morgan meriton misel.

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  45. Valor pou pp e Valor pou son manman f**k off this kind of words go say to a pig. PP are disgusting problems they have created in this society like to stay in power but don't no how to take responsible and solve problems and bring solution the same problems we have in some homes on the island some parents like be a mother or father but don't how to do father or mother we end up with a society f**k up and country move back ward instead going forward.

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  46. Nothing on his name.

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  47. Siva bat un sik oua pisey kouyon.
    maybe yr wealth will come back man.

    ReplyDelete
  48. I am Siva girlfriend, he pays me well, leave him alone.

    ReplyDelete
    Replies
    1. Reveillez-vous ma cher, Siva est avec votre frere.
      Il est un lonlon bien amaime parmie les endiens.
      Alors, faitre attension ma cher.

      Delete
    2. Volcere needs to sell the paper first.
      But in the meantime, taking money from Michel to expose Michel enemies will keep,things interesting.

      Delete
  49. 03.15 all these persons will be investigated once Pl is toppled.Those thieves would have to explained how they became multi-millionaires and if they cannot give convincing reasons their ill-gotten wealth would be confiscated and given back to its real owner namely Seychellois.AIRSEY robbed by David Savy,SEPEC robbed by GUY ADAM,IDC robbed by GLENNY SAVY.FRANCIS gifted Ste Anne Island ,Michel FOOSHORE company.etc..etc..etc...

    ReplyDelete
    Replies
    1. When will they be topple?
      I think Ralph Volcere with his new Independent Paper will do the job first.
      He warned everyone that he is coming.
      From left,right,center and independent.
      Watch out Pti Savy brothers.
      MET PARE.

      Delete
  50. Siva,tir ou ledoua Dan ou Fes oua kaka kouyon.tou Sa larsan Ki ou Ti Annan?fair grand Fes ancore.

    ReplyDelete

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