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.
Comments
This is a false allegation by this BJP Leader. BJP has no issue now a days and nominated certtain people to give illogic, false and anti national statement. Whatever this local bjp leader telling is nothing but lie. He wants to create trouble in karnataka based on guidance received from his party. Police should do investigatin and in case whatever being told by this local bjp leader is wrong he should be arrested under goonda act. At the same time, in case the Moulvi has said anything wrong apprpriated action should be taken on him. He should respect our nation and should not compare it with Pakistan which is quite instable and people are fighting there themselves. We cant compare Pakistan with India. There is a huge difference between India and pakistan in many issues. India is far better than Pakistan.
Hell with your fake desh bhakti.
BJP leaders know that there are many people who will believe what they say and believe in them without VERIFYING and hate others. Guys GOD has given Us intellect . till when will we guys will be Fooled by the haters of humanity to FOOL us to hate eachother. We need to Wake up and use our god given intellect.. No Muslims want to create a pakistan in india.This concept is only with the Hate mongers who play with the minds of those who are not thinking on their own about the society which was living peacefully by both hindus and muslims since long time.
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