Company Directory - ABG Shipyard
Company Details - ABG Shipyard
ABG Shipyard
ABG Shipyard was a former shipbuilding company that ultimately faced insolvency and was sold off in parts. It was known for its shipbuilding activities until its financial challenges led to its disintegration.
CCI Score
CCI Score: ABG Shipyard
-47.11
Latest Event
ABG Shipyard: Bankruptcy Scandal and Regulatory Misconduct Exposed
An in-depth review of ABG Shipyard's prolonged financial mismanagement, fraudulent practices, and alleged collusion with politically connected banking institutions, culminating in enforcement actions and raids that highlight regulatory capture and unethical business practices.
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QUISLING
ABG Shipyard is currently rated as a Quisling.
Latest Events
- NOV292022
An in-depth review of ABG Shipyard's prolonged financial mismanagement, fraudulent practices, and alleged collusion with politically connected banking institutions, culminating in enforcement actions and raids that highlight regulatory capture and unethical business practices.
- SEP222022
The Enforcement Directorate attached assets worth over Rs 2,747 crore in connection with an alleged money laundering scheme and misappropriation of funds by ABG Shipyard. This investigation raises significant concerns over the company's business ethics and financial governance, reflecting deeply unethical business practices.
-80
Business Practices and Ethical Responsibility
March 22
Investigations revealed that ABG Shipyard misappropriated credit facilities and diverted funds for purposes other than its intended capital needs. This not only led to enormous financial losses for the bank consortium, but also exemplifies a severe lapse in ethical business practices. Such behavior undermines corporate accountability and takes advantage of financial systems, contributing indirectly to broader authoritarian exploitation of economic structures.
ABG Shipyard: ED Attaches Rs 2,747cr Assets in Money Laundering Probe
- FEB152022
ABG Shipyard faced severe allegations including criminal conspiracy, cheating, and breach of trust following a forensic audit that revealed diversion of funds and fraudulent transfer entries. This case highlights deep ethical and structural failures within the company.
-70
Business Practices and Ethical Responsibility
March 22
ABG Shipyard’s involvement in fraudulent practices including diversion of bank funds, breach of trust, and deceptive accounting measures clearly indicates a severe lapse in business practices and ethical responsibility. These actions undermine corporate integrity and contribute to a broader erosion of accountability, which can indirectly fuel authoritarian tendencies by weakening public trust in institutions.
Criminal conspiracy, cheating, breach of trust and all that went wrong with ABG Shipyard
-60
Economic and Structural Influence
March 22
The company's financial mismanagement and the massive diversion of funds to related entities not only led to insolvency but also disrupted economic stability. Such economic and structural failings undermine public confidence and weaken checks and balances, thereby indirectly contributing to an environment where authoritarian and fascist tendencies may take root.
Criminal conspiracy, cheating, breach of trust and all that went wrong with ABG Shipyard
- FEB152022
An investigation revealed that ABG Shipyard engaged in fraudulent practices including the diversion of funds, misappropriation of bank loans, and preferential transactions, which contributed to its insolvency and raised significant concerns about its business ethics.
-70
Business Practices and Ethical Responsibility
March 22
The report details severe cases of fraud and unethical financial management, with ABG Shipyard defrauding 28 banks and misappropriating funds via its subsidiaries. These actions highlight a blatant disregard for ethical business practices, undermining trust in corporate governance and contributing indirectly to an environment of corporate malfeasance.
ABG Shipyard: How it plunged into debt and defrauded 28 banks of Rs 22,842 cr
- FEB122022
The CBI has booked Gujarat-based ABG Shipyard for allegedly causing a loss of ₹22,842 crore to banks due to fraudulent practices, misappropriation of funds, and circular transactions. This event highlights significant ethical lapses in corporate governance which can undermine public trust and contribute indirectly to the destabilization of democratic institutions.
-80
Business Practices and Ethical Responsibility
March 22
The fraudulent practices uncovered at ABG Shipyard, including fund diversion and misappropriation resulting in enormous financial losses for banks, reflect a severe breach of business ethics. Such behavior erodes public trust in corporate governance and creates an environment where financial malfeasance can indirectly pave the way for authoritarian practices by weakening accountability mechanisms.
CBI books ABG Shipyard, others for ‘causing ₹22,842-cr. loss’ to banks
- FEB072022
The article details the massive bank fraud perpetrated by ABG Shipyard, including diversion of funds through shell companies and questionable land allotments that suggest undue political favoritism. Allegations include misappropriation of billions of rupees, aggressive financial maneuvers, and collusion with political figures to secure favorable terms, thereby contributing to systemic corruption and enabling authoritarian practices.
-60
Public and Political Behavior
March 22
Under Public and Political Behavior, ABG Shipyard is implicated in benefiting from undue political influence evidenced by the allocation of undervalued land and apparent collusion with the ruling government. Such preferential treatment suggests a disturbing alignment with authoritarian practices through political favoritism.
Explained: What the SBI, ABG Shipyard Rs 22,892 crore controversy is all about
-80
Business Practices and Ethical Responsibility
March 22
Regarding Business Practices and Ethical Responsibility, the company is accused of staggering financial misconduct, including fraudulent diversion of bank funds using shell companies and questionable transactions with related parties. These actions severely undermine trust and ethical norms, contributing to broader systems of corruption.
Explained: What the SBI, ABG Shipyard Rs 22,892 crore controversy is all about
-70
Economic and Structural Influence
March 22
For Economic and Structural Influence, ABG Shipyard’s complex network of related companies and diversion of billions in bank loans reveal deep-rooted economic manipulation. This not only destabilizes financial institutions but also reinforces systems that allow such abuse to continue unchecked, thereby indirectly bolstering authoritarian-friendly practices.
Explained: What the SBI, ABG Shipyard Rs 22,892 crore controversy is all about
- FEB072022
ABG Shipyard was implicated in a massive bank fraud scheme where politically influenced loan sanctioning during the UPA regime enabled fraudulent practices. The incident highlights unethical business practices and exploitation of political networks, with the current BJP government taking action against the fraud. This event raises concerns about the company's role in undermining financial integrity and contributing to a politicized lending environment.
-40
Public and Political Behavior
March 22
The report indicates that ABG Shipyard benefited from a politically influenced environment where loans were sanctioned based on political favoritism rather than sound financial criteria. Such involvement in a politicized lending system undermines democratic financial practices and contributes to a broader pattern of public and political misconduct that can indirectly enable authoritarian control.
Loans to ABG given during UPA rule, our government detected fraud and took action, says BJP
-60
Business Practices and Ethical Responsibility
March 22
The fraudulent activities linked with ABG Shipyard, involving large-scale misappropriation of bank loans, severely compromise business ethics. The company’s engagement in unethical financial practices not only defrauded banks of enormous sums but also exposed vulnerabilities in business practices that can pave the way for authoritarian exploitation of financial institutions.
Loans to ABG given during UPA rule, our government detected fraud and took action, says BJP
- AUG012017
During the insolvency resolution process initiated in August 2017, ABG Shipyard left many of its workers with unpaid salary dues, reflecting poor labor relations and unethical treatment of employees. This neglect highlights a failure to uphold fair labor practices and worker rights, contributing to corporate behaviors that harm the social fabric and can indirectly support authoritarian tendencies.
-50
Labor Relations and Human Rights Practices
March 22
The liquidation process at ABG Shipyard resulted in significant delays and non-payment of employee salary dues. This neglect of basic labor rights underscores severe deficiencies in the company's ethical responsibility, particularly in ensuring fair treatment of workers. Such practices can contribute to broader systemic exploitation and lend support to authoritarian norms that undermine workers' rights.
ABG Shipyard scam: Employees left in the lurch, 3 years of salary dues pending
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Industries
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- Other Heavy and Civil Engineering Construction
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- Ship Building and Repairing
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- Boat Building