Sonali Assets Seized

April 5, 1999

Sonali Assets Seized

Assets of Sonali Corp., Carlsbad, CA, were seized by San Diego County marshals after Wells Fargo Bank filed legal documents saying the company owes it at least $13 million.

Sonali supplies 22k gold chains, earrings, rings, bracelets, bangles, necklaces and anklets to the jewelry industry.

Published accounts of the seizure indicate the marshals confiscated hundreds of pounds of gold wrapped in clear plastic bags plus all contents of the corporate office and bank accounts. Sonali owner Surya Patangay was unavailable for comment, as was his attorney. Bank officials refused to comment.

No date has been set for a hearing. Sonali has the right to challenge the seizure and continue operations, but it apparently has not done so. Telephone calls to the company were not answered, and an e-mail to the company was returned labeled "user unknown."

- by Jack Heeger