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.
In a release issued here, he said that some people were spreading false messages regarding the functioning of customs, immigration, security and airlines at the airport. But all operations were running smoothly, he said.
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NOT AT ALL WELL ... if someone want to experience the Truth then just Go to Mangalore Airport and see how they treat Burka and Beard Clad commuter, and the Emigration and CISF / Security personnel attitude which is very pathetic and too bad and sometime they make their Security DOG to snip the luggage and also sometime snip the said passenger.
you find lots of discriminate and bias right from luggage porters to the Emigration personnel...
....
I have seen officials at Mangalore Airport abusing Muslim men and women (Kerala) arriving from Gulf. If it is not for their hard earned money of these young men and women working in Gulf and spending in India. India would have become another Somalia.
Guys it is time to hit them were it hurts their wallet. Soon you guys can fly to Kannur Airport until then fly Cochin International Airport or Bombay International Airport ( they have improved their customer service) You have the power to stop the abuse...
Dear Airport Director,
Please install CC camera on each and every counter and all the places, then you will realize that your these INNOCENT staff's rude behaviour. They are making problems only for one community and blind for others. Please treat us also Indian, we are not from any other country. Please ask your people to behave with us atleast we are humans and we do have our self-respect. Hope you could do this. Tnx.
Bribery is very common in customs
All is not well,
I will share my experience when I traveled from Mangalore to Dammam.
We were 3 friends together travelling, along with us there was a guy travelling first time to KSA. One of my known friend told me that to take care & help his relative because he is first time to Saudi. We started together & we 4 got boarding pass. Then we 3 finished emigration check & 4th one was new guy, emigration staff didn't process his emigration work, I was waiting for him to come for 10 min. Then I went back to emigration counter & asked what is the problem. And our conversation was like below
Emigration staff :new guy was mentioned his profession as driver in the form.
Me : what is the problem with that ?
Emigration Staff : he don't have Indian driving license
Me : so what ?
Emigration Staff : Without Indian driving license how he will work in Saudi, I wont allow him to travel
Me : with Indian driving license he cannot drive in Saudi, he has to get Saudi license to drive
Emigration staff : no way
Me : Pls allow him,
Emigration staff : no way, you go away or give me your passport I will fix you the case against you
Then I left from & another guy from our group went & same conversation happened with them.
Flight was ready to take off, we are waiting for him, at last minute he came. He told us Emigration staff was demanding for money about 10,000 rupees, he had only 1,000 rupees & he gave him.
First thing to do is terminating Radhakrishna is the best solution & Emigration, custom staffs.
I request the authorities please donot be partial to one community. Donot give communal colour to customs checking atleast. Of course we love our city and would like to travel via mangaluru only. As you said we rely on your words. Kindly do the needful assistance for the travellers
I traveled many times from Dammam to mangalore I want to share my experience here tooo please airport authority take seriously ..
when we go to the immigration line .. there is one guy for stamping go out he behaves like we are coming from central jail .. he treats us like we are his slave and he behaves like a boss
asking wen u came last time y u r coming every 6 month this is none of his business his job is once we reach there check in his pc if the passport is matching to indian authority
after that wen I went to collect language realy very bad asking wt is that wt is this they are sreening if they have doubt they have to open and tie it properly and give back if any muslim ladies looking for gold wt they wear ...
but mom muslim men if he wear chain no question....
soon kannur airport is going to open.. then mangalore will learn soon..
Mumbai airport is better then mangalore as by my experience because I dnt want o say everyone need to take their own experience as specially muslim...
All is not well, CBI should inquire about this situation....harassing innocent people is not at all acceptable....custom officers have different kind policy towards Muslims....even if they carry authorized amount of gold still they check every parts of body....it is obnoxious...should not be allowed....it is better airport director come and see what is going on around at the time of arrival and till all passengers left from airport....
Ibrahim Hussain Udupi, CISF personnel are not kept for communicating in local languages but to look after the security of the Airport and us. It is very good that they have not kept local personnel. The immigration officers have to ask the new recruits many questions as there is lot of fraud visas being issued and they turn up at the Gulf countries and have to be put in jail or have to be deported back (many cases in the papers) for which I think you do not contribute (you would have know if you had contributed). Why bring religion into this as we know that educated Muslims are not targeted as myself and my family members have not faced any such questions in any of the Airports in India. I have flown out of Mumbai, Bengaluru,Delhi, Kochi, Calicut. How come you were scared to request muslims to stand against the comment of the MP from North Kanara but jump to comment on this subject. Do not be selective in standing up to issues of muslims. We do not require support who have double standards and double speak.
There must be some problem. Otherwise, the passengers would not have expressed their anger over social media.
The main reason for this is, losing faith in system or with the concerned authorities. They are still not sure that the authorities will help them for their smooth travel.
1st thing we need to understand that, all those who travel trough the airport are not smugglers or thieves. Yes security should be tightened but should not look at them with some prejudice. And the truth is that, smugglers keep very good relationship with the airport authorities and they will make sure that, they have hassle free travel. No question of religion/caste/creed comes here.
What the Director should do now is that, instead of wasting the time with media persons, Call the entire Airport staff and give them an excellent 2 day customer service training, So that, they will learn how to deal with the passengers who spend a lot and come there. And ofcourse , as you know the long journey in flight is really tiring for most of them.
Most of the complaints read and read, looks sending Free of cost 'WHATS APP\ really most of the Patience gone out of order, very, simple example to say After long struggling at least we Mangaloreans got International Airport, which we passengers or Public using a lot by Mr Ibrahim Hussian's community is saying nonsense, Language, The question to Him Why Your speaks, not Joining this Job?? you are always Job less Job Likers!!!!! at least wake up, and 99% of Gold Smugglers in your Great Group Mr Ibrahim, Question in Emigration is required getting afraid baseless, sure Uneducated cannot understand then complaining????.
Be perfect first then look others man!!!!
Jai Hindustan
Jai Siddaramanna
Jai Radhakrishna."
As far as my experience is concerned, I don't have much concerns about the security checking. But, in terms of maintenance, the authorities need to pay attention. Here, I would like to share my experience;
Few days back when I had to travel via Mangalore Airport, I was desperately searching for a dustbin to throw a coffee cup. I was running from counter to counter for at least three places thinking that the Emigration officers might have such an arrangement to throw a waste paper. Unfortunately I didn't find anything. Finally I was directed towards restroom.
I just wonder why Airport Authority of India fails to meet a traveler's basic needs despite being collecting huge amount in the name of airport maintenance.
look at the below fare details in rupees for a ticket from Kuwait to Mangalore;
Economy class Air fare 2000
Fuel Surcharge 5233
user Development Fee 856
passenger Service Fee 237
Passenger Service Charge 74
Development Charge 300
Total 8700
Now, my fellow CD readers have to tell; Are we enjoying the equal benefits for what we pay? Most of them might have traveled through Mangalore Airport. For me, All's not well these!
There are lots of ambiguity in Mangalore Airport. The CISF personnel are from north India, except Hindi they cannot speak no other languages. Their attitude in security checks at the departure is horrible. Insulting passengers specially aged people deplorable. At Immigration counter at departure, they ask many questions to the new recruits where they were harassed without any faults. For Muslim passengers there is double standard in immigration and security checks as they treat very badly.
Recently, during my travel back from Saudi Arabia, a Muslim girl was detained for several questions at customs check. She was so afraid of these customs officials. Later she was allowed to walk free. I think and propose Mr. Radhakrishna, must have a look at these counters solving agony of the passengers. The NRI's coming from the gulf countries are not thieves or smugglers. They work hard and bring lots of foreign exchange to the nation that cannot be ignored. To their contribution to the country, in return they do get no facility example is recent budget. From their earnings thousands of families living with peaceful life. Comparing to Mangalore airport, Mumbai airport is better these days for international passengers, only the problem is transit for Mangaloreans.
Because of problems only now most of the Gulf passengers like to travel via Bombay airport. They don't like to travel FROM Mangalore Airport directly. Who said don't have problem???
Dear Sir, are you sure that people will get help???
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