British administrators have failed in an attempt to recover money from the Dubai-based grandson of an Indian millionaire after an inheritance passed through the books of a bankrupt hotel development.
Siddhant Varma, 29, had been given £2 million ($2.7m) from the sale of his late grandmother's £5m diamond jewellery collection, London's High Court heard.
His father, Sanjiv Varma, had told his son she had wished him to receive a £2m inheritance and he sold the jewels through his UAE company, Grosvenor Consultants FZE, to a UK property development company.
The court heard that £2m was transferred from Grosvenor Consultants FZE to Nirmala Varma's grandson in 2017.
Grosvenor Property Developers Limited was incorporated in December 2016 for the purpose of acquiring and redeveloping the Grosvenor Hotel in Bristol into student accommodation.
The development and purchase never took place and the liquidators for the company are now seeking to retrieve £7.6m invested into the scheme.
The High Court heard Mr Varma's father had allegedly been a de facto director of Grosvenor Property Developers Limited. The liquidators called into question the existence of the diamonds and had sought to retrieve the £2m which had been given to his son.
This week, Mr Justice Michael Green dismissed an appeal by the liquidators over the funds.
“An important part of this appeal and the other judgments is the story of the diamonds and jewellery,” he said.
“The first respondent, Sanjiv Varma, has maintained that the diamonds were family heirlooms and that his mother, Nirmala Varma, had given him the diamonds with instructions to sell them and to give £2 million of the proceeds to her grandson.
“The first respondent said that the diamonds were invested by way of capital contribution in GCFZE, a company incorporated in the United Arab Emirates and wholly owned and controlled by the first respondent.
“GCFZE then purportedly sold the diamonds to the company for £4.95 million, of which £3.123 million was paid, and out of that, Siddhant Varma, was paid £2 million. Siddhant Varma's case throughout is that he was not involved at all in the company's business and he was expecting and thought that the £2 million was indeed an inheritance from his grandmother that had been promised to him.
“The appellants' case is that this was a fraud perpetrated on the company whose money was simply misappropriated.”
A previous judge had also dismissed the case against Siddhant Varma, ruling that even though it was an “extraordinary story” he had “no knowledge” of the property company.
“Siddhant Varma had no knowledge of the business in Bristol and he trusted his father as he appeared to be a wealthy and successful businessman.
“The judge therefore rejected the knowing or unconscionable receipt claim against Siddhant Varma on the grounds of a lack of knowledge.”
Mr Varma's lawyers told The National they were delighted with the result.
“We are delighted that following the trial judge dismissing all claims against our client, Mr Siddhant Varma, the appeal judge has followed suit, again totally vindicating our client," his lawyer Kelly Tinkler, a partner at Keystone Law said.
"After advising him on this case for over two years, and numerous court hearings, the latest judgment has once again totally exonerated him.”
The liquidators have retrieved £20m from the other respondents in the case.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
NBA FINALS SO FAR
(Toronto lead 3-2 in best-of-seven series)
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
