Banks asked to search and seize B R Shetty’s accounts in UAE

News Network
April 26, 2020

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

Comments

Angry Indian
 - 
Monday, 27 Apr 2020

when you make money with good country you should not make doka to that country, first of all we indian have bad name in GCC now this will make more dought on indian hindus..

 

after BJP come to power in india,our country is acting like maron, this will only end with final WAR.

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News Network
April 26,2020

Abu Dhabi, Apr 26: Indian Ambassador to the UAE Pavan Kapoor says he is appalled after the bodies of three Indians flown back to India were returned to Abu Dhabi on Friday.

The three deceased Indian nationals had died of non-coronavirus causes and were flown to Delhi on Thursday but were promptly returned by authorities there.

“We are appalled at what has happened,” Kapoor told Gulf News. “We do not know if the bodies were returned because of coronavirus-related restrictions, but we are obviously not sending the remains of people [who have passed away from COVID-19],” he added.

“[As we understand], it happened because of new protocols at the airport and we are trying to sort it out,” he said.

Sent back a few hours later

“The remains were not offloaded from the plane, and were sent back a few hours later,” Kapoor explained.

The deceased were Kamlesh Bhatt, who passed away on April 17, and Sanjeev Kumar and Jagsir Singh who both died on April 13.

According to reports in Indian media, Kamlesh Bhat was 23 years old, and hailed from Tehri Garhwal district. He allegedly died of cardiac arrest. Along with the remains Kumar and Singh, Bhatt’s body was initially repatriated on an Etihad Airways flight, then sent back, even though his relatives had been on their way to collect them.

Kapoor explained the procedure through which remains are normally returned to family members back home, saying that the worker’s employer typically makes arrangements with cargo companies to repatriate bodies on cargo aircraft.

The employer applies for a No Objection Certificate from the Indian Embassy, which is granted once the Embassy ensures that all local formalities have been completed. The cargo company then applies for airport clearance, and the airline obtains approvals from the receiving airport.

“If airport protocols have changed, it means cargo companies have to be more careful about the clearance they’re getting,” Kapoor advised.

Additional costs
The ambassador added there may eventually be additional costs to repatriate the bodies but that it is first necessary to sort out the concerns.

The global coronavirus outbreak has spawned difficulties in repatriating mortal remains as a result of the travel restrictions imposed by countries. Remains of people dying from COVID-19 are not being sent back, but the caution surrounding the handling of bodies often affects the repatriation of those who succumb to other causes.

As Gulf News reported, Kerala chief minister Pinarayi Vijayan reached out to Indian Prime Minister Narendra Modi on Friday for intervention in bringing back the bodies of Keralites who have died in the Gulf from non-COVID-19 causes.

“I would like to draw your attention to the grievances received from Non-resident Keralites Associations (NRKs) in the Gulf Cooperation Council (GCC) countries on the delay caused in bringing home the mortal remains of NRKs who had expired due to reasons other than the COVID-19 infection,” read the letter by the CM.

“It is learnt that a ‘clearance certificate’ from the Indian Embassies is required to process the application of bringing home the mortal remains of the dead. The Embassies are [further] insisting on the production of a no-objection certificate from the Ministry of Home Affairs (MHA), New Delhi. To enable to bring back the bodies of the NRIs whose deaths occurred due to reasons other than COVID-19 infection, without necessary procedural hassles, I request your kind intervention,” Vijayan has requested.

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Khaleej Times
June 7,2020

Dubai, Jun 7: Emirates airline on Sunday confirmed that it extended the period of reduced pay for its staff for another three months as airlines around the world struggle to preserve cash due to the grounding of fleets.

An e-mail has been sent across to Emirates employees about extending the wage cuts till September 30. In some cases, the salary will be reduced by 50 per cent.

Emirates had previously reduced basic wages by 25 to 50 per cent for three months from April, with junior employees exempted.

The Dubai-based world's largest international carrier employs around 60,000 people across its spectrum. While the parent Emirates Group employs over 100,000 workers.

On Thursday, Abu Dhabi-based Etihad Airways confirmed to Khaleej Times that it also extended salary cut of its employees till September 2020.

"Regretfully, Etihad has extended its salary reduction until September 2020, with 25 per cent reduction for junior staff and cabin crew, and 50 per cent for employees at manager level and above. Housing allowance and a number of benefits continue to be paid," the airline's spokesperson said in a statement last week.

In March, Etihad had announced temporary reduction of basic salaries for the month of April to all staff, including executives, between 25 to 50 per cent.

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News Network
January 31,2020

Wuhan, Jan 31: The World Health Organization declared a global emergency over the new coronavirus, as China reported Friday the death toll had climbed to 213 with nearly 10,000 infections.

The UN health agency based in Geneva had initially downplayed the threat posed by the disease, but revised its risk assessment after crisis talks.

suspended or reduced service to China include British Airways, German flag carrier Lufthansa, American Airlines, KLM and United.

Chinese efforts to halt the virus have included the suspension of classes nationwide and an extension of the Lunar New Year holiday.

All football matches across the country also will be postponed, the Chinese Football Association said on Thursday, including games in the top-tier Chinese Super League.

World stock markets tumbled again Thursday on fears that trouble in the "world's factory" would upset global supply chains and dent profits.

Toyota, IKEA, Starbucks, Tesla, McDonald's and tech giant Foxconn were among the corporate giants temporarily freezing production or closing large numbers of outlets in China.

Volkswagen announced Thursday its China joint-venture plants would not start production again before February 9.

US Federal Reserve Chairman Jerome Powell said the coronavirus posed a fresh risk to the world economy.

Throughout China, signs of paranoia multiplied, with residents of some Beijing residential compounds erecting makeshift barriers to their premises.

In one of many similar photos posted online, a man wearing a surgical mask and brandishing a traditional martial arts weapon squatted on a barricade outside a Chinese village, near a sign saying: "Outsiders forbidden from entering".

The crisis has caused food prices to spike, and the central government on Thursday blamed this partly on overzealous preventive measures, issuing a directive banning any roadblocks or other hindrances to food shipments.

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