Karuturi Global Ltd

The Kenyan government has found Karuturi Global Ltd, the world's biggest producer of cut roses, guilty of tax evasion. This is the first time an African government has brought a large multinational company to court for transfer mispricing through a fully public process.

Nota de contexto que acompaña al boletín de prensa del 19 de abril de 2013

Background note to accompany a joint press release on the Kenyan government finding Karuturi Global Ltd guilty of tax evasion

Sai Ramakrishna Karuturi feels a growing sense of unease these days. It stems from an email that Karuturi received on March 7. The sender wrote he had lost Rs 7 lakh by investing in Karuturi Global Ltd's shares.

Ram Karuturi mulls taking his rose-to-maize company private as its stock shows no signs of bouncing back.

The 612 Indians on the list of those who have invested in tax havens such as the British Virgin Islands include two MPs, a former royal, top industrialists and the CEO of Karuturi Global.

Karuturi said it will borrow "hundreds of millions" of dollars from a sovereign wealth fund to invest in farming in East Africa after development banks declined to provide assistance because of “unfair” criticism by advocacy groups

It alleges that the dealings of Karuturi Global, one of India’s largest flower growers, in the African nation do not smell as sweet as what it grows

Africa’s agriculture and food industries are attracting increasing interest from investors. This trend is largely fuelled by the fact that the continent has 60% of the world’s uncultivated arable land, with favourable weather conditions in many countries.

Faced with reports of land grabbing by Indian companies in some African countries, especially Ethiopia, the government says the Indian companies have taken land on lease as per rules of the country concerned.

L’Inde, autre puissante émergente, a elle-aussi pigé l’aubaine des appels du pied de Zenawi. Mais plutôt que de miser sur la production manufacturière où il est difficile de concurrencer l’atelier chinois, New Delhi s’est rabattu sur le gâteau agricole.

The delegation consisted of senior business leaders from Indian companies such as Sai Ramakrishna Karuturi of Karuturi Global Ltd