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
Dears even if prophet (pbuh) did not ate beef ,never deneyed it to his rollovers ,what is halal and what is haram is clearly mentioned in Quran, but for a beliver its not compelsory to eat beef to prove his belief it permisable one like mutton and chicken or veg it depends upon the place, whether, biographical condition ,ect, here not only Muslims meeting beef people of,so many other religion also eating but only Hindus worshiping it this is fact ,,one more thing people of different parts of the world eetind beef since human eyes but problem begins only it created a vote bank ,,now real Hindus should prove what is real hinduism which permits to kill human for the name of cow? Still cow know nothing!!
CRAZY man half knowledge , makes him crazy to express wrong words
Dear CD
Don't support by publishing un islamic topic from so called Muslim (Nawzbillah)
Beware of such people,
Our bellowed prophet peace be upon him, said anybody who lies as misquoting against him, shall reserve their place in hell.
We should ask him for authenticated proof, sure he will fail to do so, then people have to decide his fate on the grounds of sharia law.
Better change your name to Tarak Mehta :-)
Hello, who is this Tarek Fatah, Agent of RSS, what he know about Prophet Swallahu Alaihi wa sallim. Where is quoted beef is Haram in Qur'an or Hadith.
What he is talking even not veda, purana, ramayana or in Mahabharatha there is no single word against slaughtering cow. 10000 of cows and other animal slaughter in yaaga, yajna.
Prophet Muhammed peace be upon him Told be aware of MUNAFIQs like you . and also mentioned that the day will come when Ignorant will become leaders ......so you try to become......you are going against ISLAM by claiming something Haram when its allowed in ISLAM
May be one day you will say PIG also allowed....!!!
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