Am ready to resign to make way for my grandpa, says the only JDS MP

Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.

Thiruvananthapuram, Feb 11: In a unique form of protest against the Citizenship Amendment Act (CAA), a bridegroom in Kerala, Haja Hussain, came for his wedding ceremony riding on a camel holding an anti-Citizenship Amendment Act (CAA) poster in his hands, on the outskirts of the capital city on Monday.

Accompanied by a large crowd mostly comprising his friends and relatives, Hussain carried a placard which read "Reject CAA, Boycott NRC and NPR" as he arrived at the wedding hall in Vazhimukku, about 20 km from Thiruvananthapuram, on a camel back.

Haja Hussain said that he chose to do this to express his protest against the CAA.

"Along with the ' mahr' (the custom where the groom hands over gold or money to the bride), I also gave a copy of the Constitution. CAA should be rejected," said Haja Hussain, who is a local businessman.

Udupi, Mar 1: Acting on credible information, Udupi district police arrested five persons and seized 1.35 kg of crude gold worth Rs 56.99 lakh from the possession of the accused, custom department said on Sunday.

A case has been registered against four people at Kundapur and one at Byndoor on charges of gold smuggling. The accused were transporting gold from Calicut to Bhatkal, informed Joannes George, joint Commissioner of Customs.

Off these five accused, four persons were held at Kundapur, while other at Byndoor on Saturday evening.