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.
Locals present at the programme thrashed Abhishek Yadav before handing him over to the police.
Comments
ye log muslim ko badnaami ke har koi moke nahi chodna chahte
Chakka saala.......narens and virens brother.....both are missing.
This is how these saffron goons attack temples and rape Hindu girls and blame it on muslims.....and some fools to react... they are attacking our nation in disguise......
Hopeless fellows. People Should be punished with this kind of mindse
Ththese kind of people make our countrys strength week. We shd all fight agnest these kind of idiots
HIJDA caught wearing burkha, may be an agenda of RSS
He is an FAH....
First of all this sangh parivar goonda should be punished heavily in such a way that he will do the mischief ever again. Secondly the gathering of muslim in the name of religious duty is not recommended. Allah will definitely punish those who go against Him. Maatam is not recommended in Island. Rather it is recommended to do good things and fast two days. People instead of following it correctly, are practicing unnecessary and unauthorized activities.
Sikandi Baba in action.. haha,.. may be like his leader he is also confused with his gender..
It seems that our Hindu Brother is very much attracted to the Burkha. May Allah bless him with Hidayath.
Whenever such incidents happens the Culprits are caught...
9/11 done by the zionist... daily YT exposes with more proof.
Godse done the same act of disguising as muslim and killing Gandhi but was identified in the same day.
Here one more cheddi got caught...
I now Wonder, if all the bomb blast were done by this same ENEMIES who change their identity to spread corruption in the land to keep the masses in fear.....and rule those who are unaware of the CREATOR of all that exists
When caught, they will definitely say he is mentally ill ..... This is the nature of those who worship the devils.
I feel pity on those hindus who still fall trap to these DECEIVERS..
It is not surprise. Sangha Pariwar is always doing these kinds of anti-human act.
There may be VHP/ ABVP protest in Mangalore over beating their brother.
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