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.
Comments
Mr. Udbhav,
Please mind your own business, we are demanding a flag for whole state not for any extremist group like shivasene.
Religion, : Everyone should know clearly about the basic of religion.
1)What is religion,
2)Why is it required.
3) What will happen if not followed it.
1) The religion is not invention of mankind. It is set of instructions prescribed by the creator of this universe.
2) It is required how to lead the entire in this world. Also to succeed in other part of the life which is after the death.
3) If not followed, the God should say clearly what is the consequence of violating its teaching.
It is mostly believed by most of the religious people.
the question is which is the right religion.
People might think is there another life after this life. Yes definitely there is. If not why the God has created this world. He has not created for his fun. there is a strong reason, the people will understand if they really read and understand Quran.
Therefore I strongly believe, no need to make new religion.
Also there can not be more than 1religion. Because all of us believe without any dispute there is only 1God. Then how is it possible to have more than 1religion. This is common sense. But people should have patience, wisdom to find the truth.
study some existing religions.
All of them are not true for the reasons above.
Choose the religion, which is the right religion.
Dare to know and follow it. This is your right.
Please dont react Chaddi Naren...Let him do bla, blaaa, blaaaa...when there is no reaction one day he will stop....wuffff....
Modiji thoda yahan bhi dhyan dijiyoo.... instead of giving attention towards cow issues, 3 talaq issues and Women rights in Islam could you please turn towards to improve the quality of Indian Airlines..During the rainy season, to travel by AI or Indian Airlines means, feeling like we are going to committing suicide.
The more someone hate Islam, Islam grows more ,
Alhamdulillah
viren dont b upset ,your statistics are wrong , b a truthful and NIA is busy now wil try later
Every state should have its right to practice whatever deems to be right for them.
Nobody should impose, dictate to say what should they choose for
Food habits, eat, drink, practicing religion, language, etc.,
IT is their right. They have free choice as long as it does not hurt others.
Flag is not a big issue. It can be a symbol of identity.
This man is talking exactly like our Eshwarappa. These people became leaders not on merit, it is at the cost of stupidity of their followers.
Innalilahi wainna ilaihi raajivoon..
A big shock, and unbelievable news.
'Ya Allah' grant him place in jannah Aameen...and grant him magfirat and sabr for his family members..
Exactly Viren...its not a big loss for Hindus
But its a proof that Islam continues to be fastest growing religion
In school assembly they tell us to say...
All Indians are my brothers and sisters... then why we marry Indians.
Teaching us wrong things..
That's why Rajiv Gandhi married a foreigner. But why did Modi married a Indian women.
Masha Allah..... May Allah give Hidaya to Viren Kotian....
Hinduism is fast growing religion in the world or terrorists growing rapidly in Hinduism, please make sure what you have written is correct and in conscious stage?? Apart from India where you can get the majority of your religion viren.. be matured and talk sensibly!
ALLAHU AKBAR FOR GOOD NEWS..SUBHANALLAH
FIRST TELL THEM THE MEANING OF IT. WHICH GOES AGAINST ALL RELIGIOUS BOOKS
Dear Viren,
This is not a fake religion or man made religion.
ISLAM is the TRUTH
YOU should verify by all means to know the TRUTH.
QURAN is a guidance to MANKIND not just Muslims.
Not just indians thru out the world ISLAM will grow day by day...
It is not acceptable in ISLAM to force anybody to become muslim. ALLAH knows what is in our HEART.
Muslim means one who submits to the will of God ALLAH.
There is no God but ALLAH and Muhammad is the messenger of ALLAH who conveyed to Worship One God ALLAH.
Allahu Akbar. If they kill one, Allah(swt) replaces with 13! You plan, but Allah(swt) too plans, and HE is the Best Planner.
Good thinking.
When you are thinking of new religion, don't hurry.
The selection of Religion should have valued criteria and basis.
Otherwise it has no meaning.
What is the religion, not by changing name, temple. You are not dictating the religion. The religion is dictating your entire activity of the life from creed to grave.
The religion is a guidance from the God. You have to search for the right thing around you, which is already existing. When you believe in God, you should also believe the God has sent you guidance to you. It is your duty find where is that guidance.
You don't need to invent the wheels. Just look for the right thing already available around you.
Also please don't look into the people of any group, study its ideology. There are many people who represent the religion but they don't know what to covey and reach it.
May God help and guide properly.
May Allah rest Brother Bashus soul in peace.
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