March 12, 2018 / 11:06 AM / 3 months ago

BRIEF-Andhra Bank Says Exposure To Sterling Group Cos Is About 11.47 Bln Rupees, Not 50 Bln Rupees

March 12 (Reuters) - Andhra Bank:

* CLARIFIES ON NEWS ITEM ABOUT ED FILING CHARGESHEET AGAINST EX-ANDHRA BANK EXEC

* CO IS LEAD BANK OF CONSORTIUM IN 2 GROUP COS OF STERLING GROUP

* ANUP PRAKASH GARG WAS CHARTERED ACCOUNT DIRECTOR NOMINATED BY GOVERNMENT; GARG WAS NEITHER EMPLOYEE NOR WHOLE TIME DIRECTOR AT BANK AT ANY POINT OF TIME

* BANK’S EXPOSURE TO STERLING GROUP COS IS ABOUT 11.47 BILLION RUPEES NOT 50 BILLION RUPEES AS REPORTED BY MEDIA

* SAYS ‍​LODGED FORMAL COMPLAINT WITH CBI AGAINST COMPANIES OF STERLING GROUP

* IN DEC 2017, CO REPORTED GROUP ACCOUNTS AS FRAUD TO RBI AMOUNTING TO 5.15 BILLION RUPEES ALLEGING DIVERSION OF FUNDS ON PART OF COMPANIES Source text: bit.ly/2DlDlFY Further company coverage:

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