Ness Wadia was arrested at an airport in Japan for possessing 25 gms of Cannabis resin.
The Japan Court sentenced Wadia to 2-year jail term for drugs possession but later suspended the indictment for five years.
- Business tycoon Ness Wadia was sentenced to a two-year jail term for possessing drugs while on a skiing holiday in Japan.
- Japanese Police arrested Wadia at the New Chitose Airport in Hokkaido in March.
- The Wadia Group confirmed the news but said the Japanese court had suspended the sentence for five years.
- A Group spokesperson also confirmed that the conviction will not impact his role both within the Group and outside.
- Wadia reportedly admitted to possession and stated that the resin was for personal consumption.
Reports reveal that the billionaire spent time in detention before prosecution on March 20 and the court hearing.
Ness is the son and heir to billionaire Nusli Wadia. The Wadia empire includes Bombay Dyeing, Bombay Burman Trading, Britannia Industries and GoAir. The Group’s total market valuation stands at $13.1 billion.
He is also the co-owner of the IPL franchise Kings XI Punjab.
Wadia’s arrest in Business termsThe Wadia Group confirmed that the indictment won’t impact Ness’ ‘business responsibilities’. However, stock price of the Wadia Group fell 17%, in the wake of news of the arrest.
A statement issued by the Wadia Group read:
“The judgement is clear. As it is a suspended sentence, it will not impact Ness Wadia in discharging any of his responsibilities. He will continue to play the role that he has done hitherto, both within the Group and outside,”
Ness currently serves as the MD of the Bombay Burmah Trading Company Limited and Chairman of the National Peroxide Limited. He also serves as Director on the boards of various Wadia Group companies such as Britannia Industries, Bombay Dyeing, GoAir and Wadia Techno Engineering Services.