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.
Udupi, Jan 24: A hilarious speech delivered by Congress leader CM Ibrahim during the recent biennial Paryaya festival in which the 85-year-old Pejawar mutt seer Sri Vishwesha Tirtha Swami ascended the Paryaya Peetha in Udupi has gone viral on social media, prompting the former’s fans and political rivals to engage in a debate.
Comments
C.M. Ibrahim..unfit to be a Muslim
Hey guys!
Don't you have anything else to do? Commenting and issuing Fatwa on each and every silly things?!!! CMI is a politician who will yell anything that yield him political mileage. And for preaching, this is not a platform for it either. May be you were not aware that the famous Lulu's Yousuf Ali donated to Viswa Hindu Parishad's International Conference in London recently.
Navoodu Billah, even we cant say Nabi Sws as god, we can only say fi Naari jahanam
No wonder if cm calls pejavara as god he has different gods everywhere ,he bow AP ustad too while AP followers say Allah Akbar to AP ..which is big shirk?
I think there is third 'walking god' which mr.ibarhim forgot to mention in his speech mr, kantapuram musliyar. Mr, ibrahim is really a lucky person for getting 'holy trinity'.!!!!
\CM\" Go adress the function but do not SALE your faith in cheap rate."
Fee nari jahannum.....
Ibrahim Lost his mind
All those who commented here failed to realize the greatest \Hikmah\" hidden behind CM Ibrahim's statement. He is just following the model of our greatest prophet Hazrat Ibrahim (a.s), who had stated that moon is god and son is god. His intention was to convince the Mushrik that they are not gods.
Similarly when those two walking gods leave this world, our CM ibrahim will go to Udupi and say: \"See all are dead. the one who is alive and will be alive forever is the only true god\"...
hahaha.. am kidding."
Dear all,
I am Not supporter of any politician........
He said that GOD, Please do Understand he did not call him \ALLAH\", When COW can become GOD Mother, why can't be Mr. Seer be a God, after all their are 33 crores of GODS.
Why should we give give importance , as called him a GOD, Let them add another GOD in the list, as RECOMMENDED BY Mr. IBRAHIM"
C. M. Ebrahim now in ATTH BITTH
Nahoodu Billhah.
Is he a real Muslim or Name sake Muslim.I really Wonder,Even Hindus do not believe pejavar sree as GOD.Nor pejavara Sree Quoted himself as a GOD.In one of his interview i heared C.M Ibrahim introduced H.D Devegavda as MANEDEVAARU.I really dont understand Why he is giving GOD'S Status to the Human being.
I know Muslims do not entertain or believe in such policies...
I do remember this CM Ibrahim's 20 year old speech in Bengaluru. He was addressing a muslim gathering. Here are the excerpts:
\Ee CM Ibrahim 100% Musalmaan. Jafar Sharif haage 50% Musalmaan alla naanu. Ee kade Maseedigu hogtare aa kade devastaanakkoo hogatare namma 'kaafar' sharif\".... Naanu eega thaane hajj maadi bandiddene\"....
And now what the hell he is saying?"
confession of hypocrisy.
First of all he does not know the main message of Islam which is oneness of God. (even if he knows it, still does not know the seriousness of God).
Ulema the scholars say 1 third of Quran(almost 200pages OR 10Parts of Quran) is only about oneness of God.
This is the key of Islam. Unless a person knows it(Oneness of God), he can not go forward to learn Islam.
Islam is based on this oneness. So, Islam does not allow for associating anything with the God. Even the Gods special qualities can also be not seen in others.
Even a negligible minute portion can not be equated to that one and only God, who controls the entire universe.
Even we can not say our mother, father also to the level of God.
It is the duty of every Muslim not to make such mistakes of equating anything with the God. This is called as Shirk associating someone with the God.
May Allah forgive our mistakes, help us to learn the fact and share with others.
What about Devegowda ? he made him party president, union minister. May Allah guide him to right path.
Why only two gods? Include Kalladka Bhat and make it three gods! Perfect Trinity
He is already Durga Poojary, it is no surprise that he says whoever God. Thee are some more big so called leaders smilar to Mr. Ibrahim's category who prays and also becoming President of Uroos etc. Even one of our Vice Chancellor also in his grade.
All these people are giving wrong signal to others about our religious.
It is welcome to go and speak at Swamys's presence but not in this level.
Marle..
La haula wala quvvata illa billah....
This fellow went to Kerala and declared AP Ustad as greatest auliya allah
Now went to Udupi and declared pejawar seer as god..
Now tell me who is great- auliya or god?
If Pejawar seer is god, who is his messenger? CM Ibrahim himself?
When U depend on Gori rituals it will take you to this height.. Graves are not for asking prayers. it is to reminds us muslims to recognise the blessing of ALLAH and our fate to end up in the graves. When we make the Graves our protector. The end result will take YOU to such steps which doesnt recognise the TRUE creator even after praying and making zikr hundreds of times...
If U ask, Ask ALLAH alone and trust him. Never depend on something which prophet muhammd pbuh never taught us. ALLAH is our protector - No need any intermedite to reach our creator. AL -hamdullillah.
The photo is very suitable for this report. CM Ibrahim raising his finger and reciting Kalima shahadah... \Ash-hadu Pejawar swami bla bla bla...\""
Yes Yes... Pejawar seer is god for saabis like CM Ibrahim.. Not for Hindus, for whom he is just a great swamji.. We are upper religion. our relgion's seers are their religion's gods... ahahaha
To Fathima, Dubai. Your statement is wrong. How you agree two god. Do you have sense. If you think like that, you done shirk. So make thouba and pray almighty Allah for your wrong statement.
He is an opportunists!
Baqoul shayer (about politicians )
Unka kiya hai ?
Wo to apne baap bhi badaltey hai !
This is the sign of Jaahil!
Ok Ok. Karnataka has two gods.. agree.. Now tell me Kerala has how many gods??? Only one?
If he belives there if God other than Allah , He is no more Muslim.
If he Belive There is God other thean Allah , He is no more
There no GOD but ALLAH.. and QURAN challenges the creation to VERIFY what is said in the QURAN to prove false... If U dare please TRY.
ALLAH says in QURAN : Say \ If the mankind and the jinns were together to produce the like of this QURAN, they could NOT produce the like thereof, even if they helped one another\" - QUran 17:88
And if YOU are in doubt concerning that which WE have sent down (The QURAN) to our slave (Muhammad pbuh) then produce a surah(chapter) of the like thereof and call your witnesses (supporters and helpers) besides ALLAH. if YOU are TRUTHFUL - Quran 2:23
Worship the CREATOR not his CREATION."
SSF's spokes person. lol
There is no GOD but ALLAH & Muhammd pbuh is last and final messenger of GOD who came after prophets like Jesus, moses, abraham, noah and Adam and several other messenger that ALLAH has sent to the people who worshiped the man made Gods and idols. Their only concern was people should worship the CREATOR who created us all. & not fall TRAP to the so called gods which is man made...
CM ibrahim is showing and strengthening u to the path of FALSEHOOD which he himself need to answer to the one who gave us Soul.
Dear HINDU brothers ... Look for QURAN , u will be cleared of who is GOD and Who are the agents of Devil which is also a creation of God.
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