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<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

<ul><li><keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> will acquire <keyword id="21434388" type="General" weightage="20" keywordseo="Orient-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="Orient Cement" meta.hostid="261" meta.entityid="Orient Cement">Orient Cement</keyword> at a valuation of ₹8,100 crore.</li><li><keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> has signed a binding agreement for the acquisition of the company.</li><li>The latest acquisition will add 16.6 MTPA capacity to Adani Cement.</li></ul>Gautam Adani-led Adani Group on Tuesday said it will acquire <keyword id="21501327" type="General" weightage="20" keywordseo="CK-Birla-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="CK Birla Group" meta.hostid="261" meta.entityid="CK Birla Group">CK Birla group</keyword> firm Orient Cement at a valuation of ₹8,100 crore as part of its expansion drive. Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, has signed a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of ₹8,100 crore. As per that, its step-down unit "Ambuja will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders", according to a joint statement. The acquisition will be fully funded through internal accruals, it added. The latest acquisition will add 16.6 MTPA (million tonnes per annum) capacity to Adani Cement, which operates through Ambuja Cements in the sector. In June this year, Adani announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of ₹10,422 crore, which added 14 MTPA capacity to the country's second-largest manufacturer. "This timed acquisition marks another significant step forward in Ambuja Cements' accelerated growth journey, increasing <keyword id="21171283" type="General" weightage="20" keywordseo="cement-capacity" source="keywords">cement capacity</keyword> by ~30 MTPA within two years of Ambuja's acquisition," said Karan Adani, Director of Ambuja Cements. By acquiring OCL, Ambuja is poised to reach 100 MTPA cement capacity in FY25, he said, adding, "The acquisition will help to expand Adani Cement's presence in core markets and improve its pan-India market share by 2 per cent." OCL has 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity along with the statutory clearance to increase the clinker capacity by another 6.0 MTPA and cement capacity by another 8.1 MTPA. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a>

Adani Group to acquire CK Birla group firm Orient Cement at ₹8,100 crore valuation

The effects of poisonous gases that leaked from the <keyword id="23933468" type="General" weightage="20" keywordseo="Union-Carbide" source="keywords">Union Carbide</keyword> factory in Madhya Pradesh's Bhopal 40 years ago were seen in the next generations of those who survived the tragedy, a former government forensic doctor has said. At least 3,787 people were killed, and more than five lakh were affected after a toxic gas leaked from the pesticide factory in the city on the intervening nights of December 2 and 3, 1984. Speaking at an event held by organisations of gas tragedy survivors on Saturday, Dr. D. K Satpathy, former head of the forensics department of Bhopal's Gandhi Medical College, said he performed 875 post-mortems on the first day of the disaster and witnessed 18,000 autopsies the next five years. Sathpathy claimed Union Carbide had denied questions about the effects of poisonous gases on unborn children of women survivors and said effects would not cross the placental barrier in the womb in any condition. He said blood samples of pregnant women who died in the tragedy were examined, and it was found that 50% of the poisonous substances found in the mother were also found in the child in her womb. Children born to surviving mothers had the poisonous substances in their system, and this affected the health of the next generation, Sathpathy claimed and questioned why research on this was stopped. Such effects will continue for generations, he said. Satpathy said it was said that MIC gas leaked from the Union Carbide plant, and when it came in contact with water, thousands of gases were formed, and some of these caused cancer, blood pressure, and liver damage. Rachna Dhingra of <keyword id="24137747" type="General" weightage="20" keywordseo="Bhopal-Group-for-Information-and-Action" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhopal Group for Information and Action" meta.hostid="83" meta.entityid="Bhopal Group for Information and Action">Bhopal Group for Information and Action</keyword> said Satpathy, who carried out most autopsies, and other first responders in the 1984 disaster, including the senior doctors in the emergency ward and persons involved in mass burials, narrated their experiences during the event. Rashida Bee, president of the Bhopal Gas Peedit Mahila Stationery Karmchari Sangh, said a poster exhibition covering every aspect of the disaster will be held till December 4 to mark the 40th anniversary of the tragedy. An anniversary rally will be organised, with a focus on global corporate crimes such as <keyword id="20335495" type="General" weightage="20" keywordseo="industrial-pollution" source="keywords">industrial pollution</keyword> and climate change, she said.

Bhopal gas tragedy: Effects of leak seen in next generation of survivors, says ex-forensic doctor

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<keyword id="19923231" type="General" weightage="100" keywordseo="Air-India-Express" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India Express" meta.hostid="261" meta.entityid="Air India Express">Air India Express</keyword>, part of the <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword>, is set to reconfigure its aircraft starting in April 2025 and will be focusing solely on <keyword id="23932064" type="General" weightage="20" keywordseo="economy-class-seating" source="keywords">economy class seating</keyword>, a PTI report says. This follows the merger of AIX Connect (formerly AirAsia India) with Air India Express on October 1, marking a major step in Tata’s broader consolidation of its airline operations. Currently operating a fleet of 90 aircraft, including Boeing 737s and A320s, Air India Express has plans to expand its reach, particularly to smaller cities and towns. The airline aims to simplify its fleet by eliminating <keyword id="21350335" type="General" weightage="20" keywordseo="business-class" source="keywords">business class</keyword> seats, opting instead for a uniform economy layout across its narrow-body planes. The decision comes as the airline faces supply chain challenges that have delayed the delivery of new aircraft. To bridge the gap, it has already inducted 35 white-tail Boeing 737-8 planes, with plans to add 15 more in the coming months. White-tail aircraft are planes originally manufactured for other carriers and later repurposed by Air India Express. These planes, often with varying business class configurations, will be reconfigured to fit the airline’s new model. The PTI report adds that by eliminating business class, the airline aims to better serve its core market—connecting <keyword id="20567886" type="General" weightage="20" keywordseo="Tier-2-and-Tier-3-cities" source="keywords">Tier 2 and Tier 3 cities</keyword> with major metropolitan hubs, while expanding its international network. In addition to strengthening its domestic routes, Air India Express plans to focus on regional international flights, particularly to destinations in the Gulf, Southeast Asia, and eventually South Asia. Air India Express’ network strategy is closely aligned with that of the larger Tata Group’s airline portfolio, which includes Air India, Vistara, and the recently merged AIX Connect. As part of this consolidation, Air India Express aims to meet growing demand for affordable travel between smaller towns and metros, a market segment identified as a key growth area. The move towards an economy-only fleet reflects broader industry trends, with many <keyword id="20314404" type="General" weightage="20" keywordseo="low-cost-carriers" source="keywords">low-cost carriers</keyword> focusing on streamlining operations to reduce costs and improve efficiency. Air India Express plans to increase its fleet to over 110 aircraft by the end of the financial year, with further additions expected in the future. (with PTI inputs)

Air India Express to bid adieu to business class seats next year, will turn into economy only airlines

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

Tata Group's largest companies by market capitalisation

<ul class="summary-list"><li>Chief, a networking and growth organization for executive women, has cut staff.</li><li>The layoffs primarily impacted tech and admin roles, a spokesperson confirmed to BI.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/photos-see-alphabet-backed-members-only-club-nyc-women-executives-2022-7">Chief</a>, a networking organization for women in executive positions, has cut staff across the company in a restructuring effort.A spokesperson for the company confirmed the move in response to an inquiry from Business Insider, saying it would give Chief "more agility" moving forward."We did announce a restructuring last week that primarily impacted our technology and administrative functions. Like many companies, we are balancing growth and profitability," the spokesperson said in an email, adding that the company was striving to support the affected employees.Chief describes itself as the nation's largest network of senior executive women. In a recent press release, the company said its members — 40% of which are C-suite executives — represent over 10,000 companies.Cofounders Carolyn Childers and Lindsay Kaplan launched <a target="_blank" class="" href="https://www.businessinsider.com/female-ceos-chief-private-network-mentorship-coaching-lessons-nyc-2019-1">the leadership development organization</a> in 2019 with a mission to support women in senior positions and help them "maximize their leadership impact."In March 2022, the company announced it had secured $100 million in Series B funding led by CapitalG, Alphabet's independent growth fund, which brought Chief's total valuation to $1.1 billion. Months later, in October of 2022, the company said it would expand to the UK, with a London office opening in January 2023.More recently, the company has faced setbacks.In April 2023, Chief laid off 14% of its staff during what the founders called in an email to staff a "challenging macroeconomic environment," TechCrunch reported at the time.Then, this January, the company said it would close its London offices, withdrawing from its international expansion to refocus on the American market."While this was not an easy decision, we ultimately determined that focusing solely on our US operations, where the vast majority of our members (over 95%) are based, is the best next step for our business," the company said in a press release at the time.The spokesperson said the most recent restructuring will allow Chief to "focus on recently launched member experiences," such as its executive coaching and executive education programs, which range in price from $5,900 to $10,900, according to Chief's website."Our vision remains the same — to build the most powerful network of executive women and maximize their leadership impact," the spokesperson said.

Chief, the networking group for executive women, has laid off staff

<ul><li><keyword id="1377264" type="General" weightage="20" keywordseo="apple-ceo-tim-cook" source="Orion">Apple CEO Tim Cook</keyword> revealed a personal detail in an interview</li><li>He has a name for his group chat with college friends</li><li>Cook also admitted he didn't know about the feature in the interview</li></ul> From waking up at 4:00 am to check emails to working out before sunrise, there are plenty aspects of <keyword id="145686" type="General" weightage="20" keywordseo="apple-ceo" source="Orion">Apple CEO</keyword> <keyword id="19954680" type="General" weightage="100" keywordseo="Tim-Cook" source="keywords">Tim Cook</keyword>'s life that we have all read about. Cook is behind one of the most influential tech companies in the world which is why people are generally curious to know more and more about him. In a recent interview with the Wall Street Journal Magazine, Cook gave a rare glimpse into his personal life by sharing the name of his group chat with college friends. In a candid moment during an interview, Cook revealed that the chat is called “Roommates,” a nod to the close bond he still shares with his university friends after all these years. <h2>Tim Cook names his group chat with friends</h2>Even though Cook revealed the name of the group chat to the interviewer, he had earlier mentioned that he wasn't aware of the feature that you can name group chats in iMessage. <div type="Article" hostid="261" msid="113599807" title="Elon Musk to Tim Cook: A morning in the lives of big tech CEOs" mstype="2" mssubtype="0"></div> Cook was asked, “What’s the best name for a group chat?”—a question that clearly caught him off guard. He admitted, with some bewilderment, “I don’t name them,” showing genuine surprise at the concept. The light-hearted exchange offered a rare look at the disconnect that sometimes exists between tech leaders and the finer points of everyday user experience. However, when Cook met the interviewer the next time, he revealed that he named a group chat with his college friends “Roommates.” <h2>Love for <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> and company's success mantra </h2> The interview also revealed that Cook, as you would expect, frequently switches between his MacBook Air, MacBook Pro, and iMac at work, depending on his task. Moreover, he prefers his iPad Pro while on the move. Cook’s relationship with the devices he oversees isn’t just professional—it’s personal, reinforcing his deep commitment to the brand. Cook also shared that the key to the company’s success lies in one word: focus. “The key for us is focus,” he explained, adding that saying no to good ideas is sometimes necessary to make room for great ones. It’s a mantra that has helped keep Apple at the cutting edge of innovation, making tough decisions to stay ahead in the fast-evolving tech world.

This is what Apple CEO Tim Cook named his group chat with college friends

<ul class="summary-list"><li>Lawyers for the bankrupt estate of crypto exchange FTX are trying to claw back money for creditors.</li><li>They're seeking $38 million paid to PACs and political nonprofits ahead of the 2022 elections.</li></ul>Lawyers trying to recover money spent by the crypto firm FTX before it filed for bankruptcy have sued several political action committees and dark-money groups, seeking to claw back more than $38 million FTX paid in an attempt to influence American voters and policymakers.FTX's attorneys filed 13 lawsuits on Friday against political organizations that received funding from its imprisoned former executives <a target="_blank" href="https://www.businessinsider.com/category/sam-bankman-fried">Sam Bankman-Fried</a> and <a target="_blank" href="https://www.businessinsider.com/former-ftx-exec-ryan-salame-starts-prison-sentence-linkedin-post-2024-10">Ryan Salame</a> in 2021 and 2022. The lawsuits claim the donations should be returned because they were made illegally with FTX customers' deposits. They say the money was sometimes first routed through affiliated entities and bank accounts associated with FTX executives.Most of the money sought — just over $31.7 million — was paid to Republican-affiliated organizations. The lawsuits are seeking some $5 million from four groups affiliated with Democrats and $1.8 million from <a target="_blank" href="http://FWD.us">FWD.us</a>, a bipartisan nonprofit founded by Mark Zuckerberg.The largest single recipient of funds named in the recent lawsuits is One Nation, a dark money group led by the veteran Republican operative Steven Law. The group received $15.5 million in what FTX's attorneys have characterized as improper transfers. A Republican super PAC also led by Law, the Senate Leadership Fund, received $3.5 million in FTX funds in August and October 2022 that <a target="_blank" href="https://storage.courtlistener.com/recap/gov.uscourts.deb.194798/gov.uscourts.deb.194798.1.0.pdf">a separate lawsuit argues</a> must be returned."We're reviewing the complaint and will take appropriate action," a Senate Leadership Fund spokesperson, Torunn Sinclair, said.The lawsuits say the donations were intended to burnish the image of FTX and Bankman-Fried in political circles. At his trial last year, Bankman-Fried testified that he believed donations could have a "positive public-relations value."These lawsuits against political groups are part of FTX's larger legal efforts to recover billions of dollars from various companies and individuals, including Binance, <a target="_blank" href="http://Crypto.com">Crypto.com</a>, the former White House communications director <a target="_blank" href="https://www.businessinsider.com/scaramucci-skybridge-ftx-sam-bankman-fried-lessons-learned-ftx-failure-2023-5">Anthony Scaramucci</a>, and Scaramucci's hedge fund, SkyBridge Capital. (A spokesperson for Binance has called FTX's claims "meritless." Representatives for SkyBridge and Scaramucci declined to comment. <a target="_blank" href="http://Crypto.com">Crypto.com</a> did not respond to a request for comment.)It's not immediately clear what FTX would do with any money it's able to recoup through the lawsuits. Last month, a judge approved a plan to pay back, with interest, the 98% of FTX customers who had deposits of less than $50,000, using funds already recovered from different sources.<a target="_blank" href="https://www.businessinsider.com/sbf-ftx-charity-politicians-bankruptcy-clawback-targets-fraudulent-transfer-2022-11">Clawback lawsuits</a> are routine in bankruptcy cases involving fraud claims. After FTX filed for bankruptcy in 2022, some speculated that the company's new leadership would soon try to recover more than $200 million in FTX-linked donations and political contributions."Think of it as somebody robbed a bank and took it across the street and put it in a church collection plate," Doug Kelley, an attorney with experience in complex bankruptcy cases, <a target="_blank" href="https://www.businessinsider.com/sbf-ftx-charity-politicians-bankruptcy-clawback-targets-fraudulent-transfer-2022-11">told Business Insider at the time</a>. "Does that mean the church gets to keep it?"Lawyers for FTX did not respond to a request for comment. In addition to Sinclair from the Senate Leadership Fund, only one of the 13 political organizations named as defendants in the recent lawsuits responded to requests for comment from BI.Todd Schulte, the president of <a target="_blank" href="http://FWD.us">FWD.us</a>, said he had only just learned about FTX's lawsuit and was still "figuring out what to do.""We spent the money a couple of years ago," he said.The lawsuits say <a target="_blank" href="https://www.businessinsider.com/diddy-hires-sbf-lawyer-jail-roommate-2024-10">Bankman-Fried</a> sought to obscure that he was donating to both political parties by making some donations to Republican groups through Salame, his deputy. Such donations violated campaign-finance laws prohibiting straw-donor schemes.Salame began a 7 ½-year prison sentence last month after pleading guilty to fraud and campaign-finance charges. Bankman-Fried is <a target="_blank" href="https://www.businessinsider.com/sbf-first-interview-prison-ftx-cryptocurrency-rice-2024-5">serving</a> a 25-year sentence.

You Searched For "Groups" and got 10 results

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

PTI

Adani Group to acquire CK Birla group firm Orient Cement at ₹8,100 crore valuation

BI India Bureau

Bhopal gas tragedy: Effects of leak seen in next generation of survivors, says ex-forensic doctor

PTI

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

BI India Bureau

Air India Express to bid adieu to business class seats next year, will turn into economy only airlines

BI India Bureau

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

PTI

Tata Group's largest companies by market capitalisation

Kapil Yadav

Chief, the networking group for executive women, has laid off staff

Katie Balevic

This is what Apple CEO Tim Cook named his group chat with college friends

Divyanshi Sharma

FTX is suing super PACs and dark-money groups to claw back over $38 million in political giving

Katherine Long,Jack Newsham

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