A PROMINENT business leader within the local Indian community and his family have been declared bankrupt following the liquidation of their spice and nut trading business.
Kirpa Ram Sharma, 60, had provided personal guarantees to a number of banks for loans extended to his company, Pars Ram Brothers, which was placed under provisional liquidation in Nov 24 last year. Mr Sharma was a director and major shareholder of the firm.
The Business Times understands that Mr Sharma, having liabilities of more than US$130 million, had filed for his own bankruptcy and was issued the order on Jan 28.
His wife Anju Sharma and son Kapil Dev Sharma were also declared bankrupt after applications were filed against them by an Indian bank, as they had ac…
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