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
"If you cant Convince them, then confuse them."
This is what these Yogi, Yedyurappa and Shoba doing nowadays. they cant convince people on their good works to society so plan B is to confuse the people by shouting day and night blaming and hate speech. I wish the public understood these peoples dirty minds and thrown them to a planet where they can find their match. And never to return so we can live a happy life.
Ms Shoba,
You want to be remineded that how our PM had not only misused but also made fun of government machinaries during gujarat election rallies. Do you have a little shame on talking on this issue.
This HARAKU BAI Shobakka a perfect ally of KOLAKU BAI Eiswarappa, ready to set Karnataka on Fire for Chair. What a dirty politics!!
The cow always looking another cows -------- and laugh i/o of covering own ----- . This lady with same policy
no interest about development and good governance only stick with her nagpur HQ command for communal clash.
SHOBAKKA WHAT ABOUT THE FEKU'S INTERNATIONAL TOUR MONEY
Dear Sobakka,Reimburse money spent on PARIVARTAN YATRA and Feku's rallies.
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