RAPAPORT... Atlas Jewellery, a Dubai-based gold and jewelry retailer, has defaulted on loans worth about $136.2 million (500 million dirhams), with banks considering options including legal action to retrieve the money, according to various news reports.
The defaults are said to affect at least 15 banks, including two Indian lenders. Atlas, which advertises as "trusted by millions", has more than 50 branches across the Gulf and in India. The banks involved have met as a group and will meet again in coming days to consider joint action, Reuters reported.
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