No charges have been filed against the Ambani family, which controls Reliance Group, despite the decision by a British authority to ban a former UBS banker for setting up an illegal vehicle for the Indian family.
A statement from Reliance Group, headed by Anil Ambani, said the family members were “neither party to the proceedings, nor represented therein”.
“The matter relates to regulatory action by the FSA [Financial Services Authority] in the UK against former employees of UBS, and not against any Reliance entities or Mr Ambani or his family,” added the statement.
The comments came after the FSA banned Sachin Karpe, former head of UBS’s wealth management operations in Asia, for unauthorised trading valued at nearly $30 billion (€23.9 billion).
Karpe also set up an offshore investment vehicle for the Ambani family to invest in its own companies – a structure considered illegal under Indian law.
The statement from the family business said the group “was not aware” of the unauthorised dealings. It added the matter has “already been dealt with and closed by the Indian regulators”. The banker was fined £1.25 million (€1.56 million) by the FSA.
Ambani, one of India’s richest people, inherited most of his fortune from his father Dhirubhai Ambani, who founded the conglomerate in the 1960s.
With revenues of more than $15 billion, Reliance Group operates in sectors such as communication, power and entertainment. It was created following the split of the company into two divisions – the other group, called Reliance Industries, is headed by Anil’s brother Mukesh.