The founder of Indian educational technology firm Byju’s, Byju Raveendran, faces a contempt of court order in Singapore for not returning funds borrowed from the Qatar Investment Authority (QIA), a source with direct knowledge of the matter told Reuters on Wednesday.
The order relates to a $150 million loan from the sovereign wealth fund to Byju’s Singapore-based investment firm, the source said, speaking on the condition of anonymity as the order is not yet public.
The QIA approached a Singapore court, and Raveendran was asked to repay the loan in 2025, the source said.
In a statement on Wednesday, Raveendran said lenders, including GLAS Trust and the QIA, had “agreed in principle” to a settlement, with only minor issues left to be finalized.
“The decision by QIA to continue pressing this matter appears to be an unnecessary pressure tactic at a sensitive stage of the settlement process,” Raveendran said.
“QIA is happy with the court ruling,” a spokesperson for the firm said.
GLAS Trust did not immediately respond to Reuters’ requests for comment.
The Byju founder was sentenced to six months in prison and ordered to pay costs of 90,000 Singapore dollars ($70,000), Bloomberg News reported on Tuesday, citing people familiar with the matter.
The case is the latest setback for Raveendran, who is facing claims from overseas investors, including some in the U.S., where lenders are seeking to recover losses from a $1.2 billion loan.
Reuters
