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Dubai, Jul 25: The founder of NMC Health, BR Shetty, has had a worldwide freezing order placed on his assets at the request of a lender that claims he has defaulted on a loan of more than $8 million (Dh29.4m).

The order was granted to Credit Europe Bank (Dubai) last month ahead of a claim filed at the DIFC Courts against Mr Shetty, New Medical Centre Trading and NMC Healthcare.

The lender said in its claim they “are jointly and severally liable” for the repayment of money initially secured through a credit agreement in December 2013 and renegotiated in December last year. Credit Europe Bank is an Amsterdam-headquartered institution specialising in trade and commodities finance with operations in nine countries.

The credit agreement was guaranteed by two security cheques which the bank said in its claim were signed by Mr Shetty – one drawn on his personal account and another on the account of New Medical Centre Trading – that have been "dishonoured upon presentation due to insufficient funds".

The bank claimed Mr Shetty “has now fled the jurisdiction of the UAE to India” and that there was a risk of his “substantial” assets in the Emirates being dissipated.

The assets frozen include properties in Abu Dhabi and Dubai, as well as shares in NMC Health, Finablr, BRS Investment Holdings and other companies. It allows for up to $7,000 per week to be spent on “ordinary living expenses and reasonable sum[s] on legal advice and representation”, a DIFC Courts document granting the freezing order shows.

Credit Europe Bank declined to comment when contacted by The National, stating it does not comment on ongoing litigation proceedings. Representatives for Mr Shetty and for NMC Healthcare, which is now being run by administrators Alvarez & Marsal, also declined to comment.

NMC Healthcare was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator, which employed 2,000 doctors and 20,000 other staff. The company was listed on the London stock exchange and at its peak was valued at £8.58 billion (Dh40bn). However, its shares slumped after short seller Muddy Waters Research issued a report in December 2019 alleging the company had inflated its cash balances, overpaid for assets and understated its debts. This led to a string of damaging revelations by the company, including the fact that its debt was materially higher – at $6.6bn – than the $2.1bn on its balance sheet. NMC Healthcare was placed into administration in April by its biggest creditor, Abu Dhabi Commercial Bank, but its UAE businesses continue to trade as a going concern.

Mr Shetty said in a statement issued in April that he has been a victim of fraud committed by "a small group of current and former executives” at companies owned by him. He said bank accounts were created in his name and transactions were made without his knowledge, and that loans, cheques and bank transfers were also fraudulently guaranteed in his name using his forged signature.

In response to the claim filed by Credit Europe Bank (Dubai) at the DIFC Courts, Mr Shetty says he did not personally guarantee loans made to NMC Trading or NMC Healthcare and that the signatures used on cheques guaranteeing the loans are forgeries. His defence cites the opinion of “Dr Al Bah, an independent, experienced and qualified forensic document examiner”, that someone other than Mr Shetty signed the lending agreements and cheques.

An application by NMC Trading and NMC Healthcare to the DIFC Courts to have the claim against it heard in private for fear of triggering claims by other lenders – the group owes money to around 80 local, regional and international lenders – was dismissed, given that the appointment of administrators at the group and allegations of fraud at the company are already in the public domain.

Both companies have indicated to DIFC Courts that they intend to contest the claim against them.

Jun 4: Belur Mutt, the global headquarters of Ramakrishna Mutt and Ramakrishna Mission, has decided to throw open its gates to the devotees from June 15 after putting in place all safety measures required to contain the spread of COVID-19.

The gates of the sprawling premises of the mutt set up by Swami Vivekananada at Belur near here was closed since the lockdown was announced in March by the Centre. The Mutt has devotees from across the globe.

The secretary of Belur Mutt Ramakrishna Mutt and Ramakrishna Mission, Swami Suvirananda said in a statement that as the easing down of lockdown measures announced by the Centre and the state did not indicate the threat caused by COVID-19 pandemic is over, the authorities thought it prudent to put in place all the measures required before opening the gates of the Mutt and all RKM centres in the country for the scores of devotees.

The statement was issued on June 1, the day religious places of worship were thrown open by the West Bengal government.

"We had to think about both aspects - the issue of public health and also the wish of our devotees for having a darshan of the shrines of Swami Vivekananda, Sri Sarada Maa and Ramamrishna Paramahansa. But we believe spirituality and sceintific temparament must go hand in hand," he told reporters on Thursday.

"Therefore it is imperative for us to consult experts and put in place adequate arrangement and infrastructure" before opening the (Belur Mutt) gates," he said.

The senior monk said the timing of the opening and closure of the shrine and all other details conforming the health protocol and guidelines will be announced before opening date.

The Mutt complex had become totally out of bound for visitors from March 24 when the lockdown was clamped. There was restricted entry to it since May 16.

Bengaluru, May 6: More than a month after international flights have been barred, Karnataka government is preparing to quarantine all 10,823 of the state''s people poised to return home from overseas amid the Covid pandemic, an official said on Tuesday.

"The state has planned to quarantine all 10,823 passengers coming back to Karnataka. The quarantine guidelines framed as below would be applicable," said Health Commissioner Pankaj Kumar Pandey in a statement.

According to the Government of India, 10,823 Karnataka residents have been stranded abroad by April 30, comprising 4,408 tourists, 3,074 students, 2,784 migrants and professionals and 557 ship crew.

Out of the 10,823 people, the state government is expecting 6,100 to return early as the government has decided to allow Indians stuck abroad to return.

"All the passengers arriving at points of entry (airports and seaports) will be compulsorily screened for symptoms of Covid-19," said Pandey.

Point of entry screening will include self-reporting form verification, thermal screening, pulse oximeter reading, briefing with instructions, categorisation, stamping for some and downloading of Aarogya Setu, Quarantine Watch and Apthamitra apps.

Arriving passengers are also required to declare existing comorbidities such hypertension, diabetes, asthma or any lung disease, organ transplantations, cancer, tuberculosis and other ailments.

Passengers will be categorised into three groups: Category A (symptomatic on arrival), Category B (asymptomatic with co-morbidity or aged above 60 years) and Category C (rest of asymptomatic passengers).

Depending on the category into which the people fall, their quarantine place and time will be determined.

Category A arrivals will be subjected to institutional quarantine for a fortnight, Category B one week quarantine at a hotel or hostel, followed by another week at home, and Category C home quarantine for a fortnight.

Karnataka government is making elaborate arrangements and logistical means, deploying healthcare, police and several other departments into action to handle the huge influx of Kannadigas and state residents.

Pandey has issued a 21-page elaborate standard operating procedure (SOP) guidelines on how to face the international returnees.