Smiles in distant Vanuatu

According to the agreement signed by the Vanuatu leader and Ghosh, the accused was to have the sole right to manage bonds which would have been held in his name in safe custody only by either Bangkok Bank Ltd, Maquarie Bank Ltd, or Standard Chartered Bank Ltd.

Sope signed the documents by allegedly forging the signature of the country’s Finance Minister, who was solely empowered to sign such letters of credit. Ghosh’s appointment came under severe attack but throughout the year his business interests in Vanuatu and involvement with various politicians increased. Towards the end of 2000, events took a bizarre turn when Ghosh presented the country with a gift of a ruby allegedly worth 174 million dollars, which eventually turned to be a piece of rubble. The accused’s collusion with Sope and others in the ministry saw the then Prime Minister out of office in 2001 after a no-confidence motion. Ghosh’s financial bunglings in Dubai are yet to come to light and the CBI may approach the authorities in the port city for providing details about the irregularities committed by him.