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.
Shabina Khan Nazneen (25) resigned on Wednesday, accusing her senior of forcing her to remove burqa and hijab (headscarf) during the teaching period. She cited that it was "not worthy to compromise with her religious sentiments."
Comments
practice madidre full madabeku ...sumne shoki ge haakondu barodalla ...let her go and teach in Islamic university or madrasa ...avra community nalli ondu school and college quality education kodalla ..so heegagi illi bandu ..build up bere ....as per Islam ...non Muslim men should not look at Muslim women ..this lady has not covered face and hands ..high time hijab tax must be put .
Well done....
Good decision since she has trust on Creator... she is not going to die if she left this job... she may get better one...
Divine rule says it is better for the women to wear Modestly.. The women who use their god given intellect will recognize this blessing and follow it.... May ALLaH have mercy on them and protect them ... & May ALLAH guide those who are ignorant of this blessings.
Some of them without verifying the issue are ignorantly opposing it... It is for their benefit & protect oneself when the whole world is going god less... and living worst then animals now a days.
ALLAH is most merciful and most compassionate.. People should read the QURAN which is the manual for whole of mankind and a blessing for the LIFE ... Those who are missing it are really in DARKNESS of their LIFE ...
People heedlessly living their life and without proper knowledge, they come to conclusion & attack those who follow the divine rule.
For ME God's law is the best and it will protect me from the evil eyes of todays world..
Thank u True indian. U opened my eyes.
Ur absolutely correct. I prefer my sister or mom to wear hijab and cover her body fully. Instead of wearing mini skirts.
@bopanna
That means u don't respect Sita mata. Can't u see hijab on all sita matas pictures and idols
SISTER a great salute to you as you follow islam and imaan . with the heart
Even muslims respect Sita mata. Because on her all the pictures and idols. We can see her head is covered with hijab.
I think all women should wear hijab. It protects from evil eyes.
Keep your religion at home .... dont show off to hindu students
if u see Sita mata's Photo. She wears Hijab in all her Pictures.
Will they remove Sita Matas Hijab on all her idols?
O People of INDIA ....remember one thing ...many civilization has brith and death according it dealing with GOD and his rules.....so never late just repent and be good to every one . or else Aad and thamud will be reminded on this earth .
forget INDIA ....even country like USSR were destroyed by GOD using small groupf of unarmed and unskilled fighters from backward country ....so becarefull do not cros the border of aggression ....
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