By Admin 
Dubai International Financial Center (DIFC) Court has given a big financial blow to Indian businessman BR Shetty. The court ordered that he will have to pay 168.7 million dirhams, or about Rs 408 crore, to the DIFC branch of State Bank of India. This decision came because the court found that Shetty had given a false statement during the hearing. He had refused to give a personal guarantee for a loan of about 183.5 million dirhams, although according to the court it was his responsibility.
BR Shetty’s case has once again raised the question as to who has been imposed with the highest fine ever in the world. Although such a heavy fine has not been imposed on any single person, the biggest fines have been imposed on the companies. Let us know.
Who paid the biggest fine
Google is by far the biggest name in the case of global fines. The Russian court had imposed a fine of 20 trillion dollars on Google. This amount was so huge that it can be said to be equal to the economy of the entire world. The court imposed this fine on Google because the company had violated the legal and financial rules of Russia. This case was seen as a warning to global technology companies.
Whose name is second in the list?
On the other hand, the largest criminal fine is registered in the name of British Petroleum (BP). The Deepwater Horizon oil spill in 2010 caused serious damage to the environment and marine life in the Gulf. A criminal fine was imposed on BP for this disaster, which is considered to be the largest criminal fine ever. Furthermore, the incident highlighted the importance of environmental responsibility for global oil companies.
A warning to the global business community
The case of BR Shetty makes it clear how important a role verification and personal guarantees play in the international financial system. This decision of the DIFC Court is a warning not only to Shetty but also to the global business community that it is not easy to run away from financial obligations and legal responsibilities. Even though the fine in BR Shetty’s case is Rs 408 crore in Indian rupees, it is much smaller in comparison to the fines imposed on companies in the world.
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