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Crypto exchange may have lost $145 mn after CEO dies in India

Quadriga, Canada’s biggest cryptocurrency exchange, said it’s unable to gain access to $145 million of bitcoin and other digital assets after the death of Cotten, its 30-year old CEO and Co-Founder.

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Hong Kong, Feb 6 (IANS) The death of Canadian entrepreneur Gerald Cotten, died due to complications with Crohn’s disease while travelling in India in December, has left a huge stash of cryptocurrencies locked off from the people who own them.

Quadriga, Canada’s biggest cryptocurrency exchange, said it’s unable to gain access to $145 million of bitcoin and other digital assets after the death of Cotten, its 30-year old CEO and Co-Founder.

Many of the digital currencies held by Quadriga are stored offline in accounts known as “cold wallets,” a way of protecting them from hackers. Cotten appears to have been the only person with access to the wallets, according to court documents cited by Canadian media and posted online by cryptocurrency news site CoinDesk, CNN reported.

The unusual case highlights the risks investors face looking after their assets in the thinly regulated industry.

Cotten’s death has plunged Quadriga into crisis and left it struggling to figure out how to refund more than 100,000 of its users. The company filed for creditor protection in the Nova Scotia Supreme Court on Thursday.

“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets. Unfortunately, these efforts have not been successful,” Quadriga said in a statement on its website.

Cotten’s widow, Jennifer Robertson, said in the affidavit posted online that the laptop that Cotten used to run the currency exchange is encrypted.

“I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere,” she said.

The company hired an investigator to see if any information could be retrieved but ongoing efforts have had only “limited success in recovering a few coins” and some information from Cotten’s computer and phone, BBC reported.

The Canadian High Commission in New Delhi told CNN that it was aware of Cotten’s death and had “provided consular assistance,” but declined to reveal further details.

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Azim Premji and Dr Devi Shetty chosen for PCB awards

Besides them 25 senior journalists have been selected for the ‘Press Club Annual Awards’, a release said.

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Azim Premji Wipro

Bengaluru, Jan 19: The chairman of Wipro Limited Azim Premji and the founder chairman of Narayana Health Dr Devi Prasad Shetty are among those who have been selected for the annual awards given by the Press Club of Bangalore.

Premji has been chosen for ‘Press Club Person of the Year’, while Dr Shetty and actor-Director Sudeep Sanjeev have been selected for the ‘Press Club Special Award.’

Besides them 25 senior journalists have been selected for the ‘Press Club Annual Awards’, a release said.

Chief Minister B S Yediyurappa will facilitate the awardees at a function scheduled for the third week of February, it said.

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Healthcare sector revenues likely to grow by 20% in FY22: ICRA

he risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in Covid-19 cases”.

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healthcare sector

New Delhi, Jan 19: Even as the healthcare sector witnessed squeezing of revenues due to the Covid-19 pandemic, its long-term outlook remains stable on the back of swift rebound in occupancy as well as structural factors, ICRA said on Monday.

The rating agency expects the occupancy of companies in the sector to bounce back substantially to 60 per cent in FY22, from the estimated occupancy of 52 per cent in FY21, and the revenue growth to be at 20 per cent in FY22, against an estimated contraction of 19 per cent in FY21, aided by a lower base as well.

There has been significant sequential improvement in occupancy every month after the sharp fall in April and the pent-up demand is also likely to support the performance, as elective procedures cannot be delayed indefinitely by domestic as well as international patients, the report noted.

Due to the high operating leverage, the EBITDA margin is likely to rise to 13 per cent in FY22, against an estimated EBITDA margin of 9 per cent in FY21. The capital expansion was already slowing down, even pre-Covid, and is likely to remain modest in FY22 as the players have adequate capacity to grow over the medium term and the near-term focus is on better utilisation of the existing facilities rather than expansion of the network.

Consequently, the capex as well as startup costs of new hospitals are likely to be much lower going forward, which will also aid profitability. The net debt is expected to stay largely range-bound, but the debt protection metrics is likely to improve significantly due to a sharp rise in accruals, ICRA said.

According to Kapil Banga, Assistant Vice President, ICRA: “The credit risk profile of entities in the sector had been on improving the trajectory over the last two years and notwithstanding the near-term disruption due to the pandemic, as well as given the essential nature of the services, ICRA believes the sector will resume on its growth trajectory in FY22. The risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in Covid-19 cases”.

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Excise duty collection surges 48% in FY21 on high fuel levies

The total excise duty in the last financial year was over Rs 2.39 lakh crore.

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Modi Poster on Petrol Pump

New Delhi, Jan 17 : As the government has kept excise duty on petrol and diesel elevated amid the pandemic with a view to increase revenue, the total excise duty collection during April-November FY21 has surged nearly 48 per cent as compared to the year ago period.

The excise duty collection during the first eight months of the current financial year was over Rs 1.96 lakh crore, compared to over Rs 1.32 lakh crore collected during April-November FY20, official data showed.

The collection in November 2020 was highest so far in the financial year 2020-21 at Rs 35,703 crore. In November 2019, excise duty collection stood at Rs 18,948 crore.

The total excise duty in the last financial year was over Rs 2.39 lakh crore.

As fuel prices are at record high despite low crude oil prices, demand has been raised from several quarters to reduce the excise duty on petrol and diesel to provide relief to the common man.

In the national capital, petrol is sold at a record high level of Rs 84.70 a litre while diesel is priced at Rs 74.88 per litre.

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