List of companies where Abhishek Sachdev was involved. Free company director check. Abhishek Sachdev currently holds the position of a Director (COMPANY DIRECTOR) in SHRAVAN PROPERTIES LTD and Director (COMPANY DIRECTOR) in VEDANTA HEDGING LTD. He has been a Director (COMPANY DIRECTOR) of SHRAVAN PROPERTIES LTD for 27 months, Director (COMPANY DIRECTOR) of VEDANTA HEDGING LTD for 6 years.Personal history Director details
MR ABHISHEK SACHDEV
ACRE HOUSE 11/15 WILLIAM ROAD, LONDON
Country: UNITED KINGDOM
Post town: LONDON
Postcode: NW1 3ER
Country of residence: UNITED KINGDOMPotentially the same person
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Abhishek Sachdev has been working at SHRAVAN PROPERTIES LTD since 11 August 2015, currently, he/she works on the position of a Director (COMPANY DIRECTOR).
Company address: SHRAVAN PROPERTIES LTD
ACRE HOUSE, 11/15 WILLIAM ROAD, LONDON, UNITED KINGDOM, NW1 3ER
Company documents: 6 - buy documentsVEDANTA HEDGING LTD
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Abhishek Sachdev has been working at VEDANTA HEDGING LTD since 25 July 2011, currently, he/she works on the position of a Director (COMPANY DIRECTOR).
Company address: VEDANTA HEDGING LTD
35 NEW BROAD STREET, LONDON, UNITED KINGDOM, EC2M 1NH
Company documents: 15 - buy documentsPrevious appointments
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20 April 2006 - 21 June 2011 Abhishek Sachdev worked as a Director (CORPORATE BANKER) in GUJLU LIMITED
Company address: GUJLU LIMITED
8 CAMLEA CLOSE, BASINGSTOKE, HAMPSHIRE, RG21 3BP
Company documents: 21 - buy documents
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16 July 2015 - 07 June 2016 Abhishek Sachdev worked as a Director (COMPANY DIRECTOR) in VEDANTA TRUST
Company address: VEDANTA TRUST
ACRE HOUSE, 11/15 WILLIAM ROAD, LONDON, UNITED KINGDOM, NW1 3ER
Company documents: 4 - buy documentsPeople with surname SACHDEV
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Abhishek Sachdev, managing director, Vedanta Hedging (Photo: IBTimes UK)
The Financial Service's Authority's review to determine whether banks have mis-sold interest rate swap agreements to UK businesses would benefit from an appeals process.
The managing director of FSA-authorised Vedanta Hedging told IBTimes UK in a film Q&A that the newly established Financial Conduct Authority (FCA) should install an appeals process because the current review could reduce the legal options of SME victims of mis-selling.
"The FSA could put some sort of appeals process in place by sitting on some sort of appeals panel while having the work carried out by independent reviewers. This could be done quickly and would not be that expensive," said Abhishek Sachdev.
In the UK, some 40,000 IRSAs have been sold and the banks have agreed with the regulator to investigate each case under an independent reviewer appointed by the bank.
If mis-selling is proved, the bank decides on the amount of compensation to be paid out.
The new dual financial regulatory regime started on 1 April with the FSA split into the Prudential Regulation Authority (PRA) and the FCA.
The PRA will be an operationally independent subsidiary of the Bank of England and will focus on supervision of financial institutions that manage significant risks.
The FCA will have responsibility for consumer issues and conduct of business regulation, and will supervise all financial services institutions, meaning that some firms will be dual regulated.
The FCA will also be responsible for the supervision of the FSA review on interest rate hedging products.
For the full interview, check out IBTimes TV or the video on this page.
"It's very difficult to unwind a legal settlement. But we are increasingly seeing a lot of people alleging fraud against the bank they settled with," says Abhishek Sachdev. Getty
Britain's biggest banks may have thought they had put the scandal involving misleading sales of complex interest rate derivatives to rest after they paid out over ВЈ2.4 billion ($3.7 billion) in compensation to small businesses .
But the LIBOR interest rate scandal - a seemingly separate issue - may have the potential to undo those settlements, sources tell Business Insider, if it can be shown that banks' manipulation of interest rates affected the derivatives they sold to small businesses.
The derivatives in question are financial products that were sold as "insurance" to businesses who wanted to be protected against high interest rates prior to 2008. However, the products were not insurance policies. They were interest rate swaps, a type of derivative deal that usually only occurs between investment banks or other large, sophisticated financial entities. In an interest rate swap, two parties bet that rates will either go up or down, and the parties must pay each other changing streams of payments on the result.
When interest rates dropped after the 2008 financial crisis, hitting historic lows, businesses found themselves on the wrong side of their swaps deals and ended up paying the banks thousands of pounds a month in interest, the reverse of what would have happened if rates were high. Many businesses fell into financial hardship and some even went bankrupt.
It's not just a case of sour grapes on a bet gone wrong. The Financial Conduct Authority (FCA) declared in 2012 that these products were sold misleadingly. Many businesses did not understand, or were not fully told, what type of contract they were entering into. Many didn't even need these products in the first place.
To date, 17,000 businesses - from family run shops to owners of a chain of hotels and care homes - have received redress. The redress can include everything from cash compensation to the cancellation of the swaps product without a fee.
But now Lloyds, RBS, HSBC, and Barclays face the prospect of the bulk of those financial settlements being torn up because many of the banks have since been fined or settled with a range of US and UK authorities over their manipulation of LIBOR.
LIBOR - the "London Interbank Offered Rate" - is a measure of the average interest rate banks are willing to lend to each other at. It is used internally to set the price of financial products worth billions of pounds. Between that and foreign currency exchange-fixing allegations, Britain's small businesses are claiming that their initial agreements with the banks were created under fraudulent circumstances. If the banks were manipulating LIBOR, and the swaps were based in some part on LIBOR, then the price of the damage the swaps caused must be wrong, these businesses argue.
That is how one of Britain's most prominent specialists in the area, Abhishek Sachdev, sees the situation. Sachdev has worked as a consultant to politicians investigating the scandal, while also working with a range of businesses with debts of ВЈ1.5 million ($2.33 million) to ВЈ1 billion ($1.6 billion) that need to be hedged. (Hedging is when a business buys a financial product to reduce any potential losses stemming from market volatility.)
Abhishek Sachdev is the managing director of Vedanta Hedging, a former Lloyds banker, and is also currently a Tory Councillor for Potters Bar Parkfield. Vedanta Hedging
"We are beginning to see high net-worth clients and corporates who have entered into confidential settlements with banks in the last three to four years look to try and challenge and unwind those settlement agreements on the basis of new and more detailed regulatory findings and notices that are coming out from different global regulators, different banks, and at different points in time," said Sachdev, managing director of the FCA authorised Vedanta Hedging and former Lloyds banker, to Business Insider.
"This is a bolshie move because it's very difficult to unwind a legal settlement. But we are increasingly seeing a lot of people alleging fraud against the bank they settled with. Fraud in legal terms is a very serious matter and the burden of proof is very high. However we are seeing a number of barristers, solicitors, and high level QCs supporting these claims.
"Also, with the allegation of fraud, the statute of limitations - the six-year deadline after a financial product was sold to file a claim - goes out the window. Also the settlement and damages is a whole other ball game."
Sachdev did not cite the clients or the banks that have started the process of tearing up their agreements.
Business Insider contacted Britain's biggest four banks, which sold the bulk of the misleading derivatives, and asked for comment. Barclays and RBS declined to comment. HSBC said "we are evaluating each swap trade on the basis of the agreed FCA methodology and reaching agreement with each customer based on the facts of each case." And Lloyds said it would "vigorously" defend itself against any business tearing up their agreement with the bank.The banks' fines and settlements over market manipulation
A number of Britain's biggest banks, as well as global lenders, have been fined or settled with a range of US and UK authorities over LIBOR since the separate settlement over the interest swaps was reached. For example, the FCA fined Lloyds ВЈ105 million for Libor fixing in 2014.
Barclays was also the first British bank to settle with the US Department of Justice and the FCA's predecessor, the Financial Services Authority (FSA), over Libor fixing with a combined ВЈ290 million ($450 million) penalty. In May this year, it was also fined a total of ВЈ1.5 billion ($2.4 billion), including ВЈ284 million ($441 million) by the UK's Financial Conduct Authority (FCA) in connection with the LIBOR currency market and interest rate rigging scandal.
The British bank is among five banks that have agreed to pay a combined $5.8 billion (ВЈ3.7 billion) in connection with the scandal, which peaked in 2008. Barclays, as well as Citicorp, JPMorgan, and RBS, are pleading guilty to criminal charges tied to forex manipulation.
Businesses allege that now there is evidence, as uncovered by financial regulators and government authorities looking into LIBOR, that banks were manipulating markets during the period they bought a swap.The swaps scandal
The financial products in question were mainly interest rate swap agreements (IRSA).
IRSAs were touted by banks as a simple form of "insurance" for small- and medium-sized businesses taking out the kind of loans that would have funded a new shop or bought new equipment. Banks said these IRSAs would protect them from rising interest rates.
Effectively, if interest rates went up, the bank would pay them a sum of money. However, if interest rates went down, they would owe the bank thousands of pounds in cash. These products are appropriate for larger businesses that look to hedge their interest rate exposure on large amounts of debt. But small and medium-sized business were sold this product because they thought it was insurance.
Many businesses claimed to have not known about the downside of the deal, when interest rates started to fall following the 2008 credit crisis.
From 2012 to date, ВЈ1.9 billion ($2.9 billion) has been paid in redress. This payout number is already considered small by politicians and lobby groups because many businesses have either lost their companies, downsized to the extent where they've even lost their family homes or had to axe staff to make ends meet. This number does not include private lawsuits that were made by businesses through the courts.
While many settled through the FCA scheme, Sachdev said hundreds of businesses have gone through the courts. Since this is a costly move, it is usually only the high-net worth individuals with businesses that have been able to afford to do this.
One of the highest profile cases is at the moment is Gary Hartland, the owner of a Wolverhampton-based property company Wingate Associates, which took Lloyds to court. He is alleging in London's High Court that a 2011 undisclosed settlement with Lloyds should be overturned and he should be given more generous compensation because Lloyds was found to have manipulated LIBOR during this time.
"The Hartland case is a huge one but even if hundreds of smaller businesses successfully tore up smaller settlements in the ВЈ200,000 to ВЈ300,000 ($310,589 to $465,884) range, this could run in a lot of money for the banks," said Sachdev.
In response to any business looking to tear up its agreements or settlement, Lloyds told Business Insider in an email that "where a customer has previously agreed a full and final settlement with the Group, these agreements make clear that it discharges both parties from all claims. As such, we would view any new claim as not having any merit and we would contest it vigorously."
Sachdev emphasised to Business Insider that is it not just compensation settlements that could be torn up and revised, it is also a range of other costly writedowns that the banks have already taken.
He said, as an example, businesses that saw 60% of their losses paid back in compensation could see upwards of 75% returned if companies tore up their agreements. This could be absolutely massive in a case-by-case basis.
"The largest settlement we've been party to has been a combination of a debt write-off and restructure of a swap, which came up to just under ВЈ18 million ($28 million)," said Sachdev, who is also a Conservative party councillor for the Potters Bar Parkfield constituency.
While that illustrates just one business, Sachdev said added: "This could be really worrying for the banks if all the settlement agreements they entered into over the last few years were challenged. It's not guaranteed that it will produce a more favourable outcome for the business but many are trying it following the range of financial scandals that have emerged during the settlement process."
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LONDON Banks and foreign exchange brokers in Britain face legal claims from small companies which allege they were mis-sold complex currency derivatives that soured when the pound fell after Britain’s vote to leave the European Union, according to court filings and sources familiar with the cases.
In one of the first cases that has been brought, a small British jeans maker, Newstar Garments, alleges broker World First sold it derivatives of an ‘exceptionally high level of complexity’ that led to losses of over four million pounds, according to court filings seen by cydiadev.
Newstar said it wanted simply to hedge against fluctuations in the dollar/sterling exchange rate when it engaged World First, but that the broker recommended it enter increasingly complex transactions that resulted in it taking risky speculative bets.
When World First lodged a debt recovery claim against Newstar following the company’s failure to pay up on the contract, Newstar responded with a counter-claim alleging the misselling.
“In simple terms, the allegations of mis-selling are opportunistic, entirely baseless and have no prospect of success,” a spokeswoman for World First said via email.
A lawyer representing Newstar declined to comment on the case.
World First said last week it will exit the FX options business, citing a change in its strategy.
Lawyers say they are working on similar claims worth hundreds of millions of pounds in total, against large banks and leading currency brokers accused of breaching their duty of care to their customers.
The law firm representing Newstar, Collyer Bristow, said it is working on six other such cases.
Abhishek Sachdev, Chief Executive of Vedanta Hedging which advises companies on derivatives for hedging and on mis-selling cases, said he is aware of 25 cases involving currency products of which some 15 clients are instructing lawyers.
Banks in Britain have already paid out over 2 billion pounds in compensation to small companies that claim they were mis-sold interest rate hedging products, the FCA said in January last year following the completion of a review of such cases.
Sachdev said in many of the cases he has worked on involving forex products, what starts as a simple hedging contract is restructured many times until the customer is unknowingly taking on excessive levels of risk.
The filings seen by cydiadev showed customers making the same allegation.
“Since Brexit we have seen a hell of a lot more (of these forex mis-selling cases) because when you have a major move in a currency like that, it is like the 2009 moment for interest rates,” said Vedanta’s Sachdev.
Sachdev was called in 2012 by the British government and the FSA, the relevant regulator at the time, as an expert witness in those interest rate mis-selling cases.
Hedging of currency risks by small and medium-sized British companies surged before June’s referendum on EU membership, according to a survey by bank research firm East and Partners published last July.
Around 20 percent of small businesses in Britain with revenues under 20 million bought foreign exchange options from banks and brokers to protect themselves against sharp movements in the value of the British pound, the survey said, compared with 17 percent in a previous survey in April 2016.
All of those with turnover of 20 million to 100 million pounds a year had used FX options to protect themselves in the past year, the survey said.
A decade-long squeeze in the profits banks and brokers earn on ordinary spot currency transactions has driven them to focus on options and other speculative financial derivatives, according to sources at those firms and industry surveys.
Newstar said in the court filings that its intention had been simply to protect itself against fluctuation in the dollar/sterling exchange rate.
Newstar subsequently entered into more complex contracts on the advice of World First that were effectively speculative instruments that locked them into buying or selling much more of the currency than they wanted or could afford, the filings allege.
Vedanta’s Sachdev, and law firm Collyer Bristow which is advising Newstar on its case, said the other cases they are working on involve similar claims about the complexity of the products and the unintended risks the companies say they were exposed to.
The terms of all such option contracts allow the banks and brokers that sell them to require from the client more ‘margin’, or collateral, if markets move against the buyer as they did for many companies after the June 23 EU referendum result.
Many companies are unable to pay up on the contracts when they go bad, leading to claims against them followed by counter-claims that the products were mis-sold.
Such cases are typically settled out of court, making it hard to determine the number of such cases or the total financial loss incurred, according to Sachdev and Collyer Bristow.
Britain’s Financial Conduct Authority (FCA) has been made aware of the cases on multiple occasions, according to correspondence with the regulator reviewed by cydiadev.
“This shows that the idea that the banking culture is now completely different, and the issues that arose from interest rate mis-selling wouldn’t now arise, doesn’t seem to apply to foreign exchange contracts,” said Robin Henry, a partner at Collyer Bristow.
A spokeswoman for the FCA said the regulator would not comment on what it is or is not investigating.
(Reporting by John Geddie and Lawrence White, additional reporting by Patrick Graham; Editing by Ruth Pitchford)Cydia You may also read!
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