Banks asked to search and seize B R Shetty’s accounts in UAE

News Network
April 26, 2020

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

Comments

Angry Indian
 - 
Monday, 27 Apr 2020

when you make money with good country you should not make doka to that country, first of all we indian have bad name in GCC now this will make more dought on indian hindus..

 

after BJP come to power in india,our country is acting like maron, this will only end with final WAR.

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Agencies
January 11,2020

London, Jan 11: Former cricketer Sachin Tendulkar's famous lap around the Wankhede Stadium after the World Cup 2011 win has been nominated in Laureas's list for the most inspiring sporting event in the last twenty years.

The moment featuring Tendulkar has been described as "Carried on the shoulders by a nation".

On his sixth attempt at the World Cup and with India not having won the competition since 1983, Tendulkar finally became a part of the team that lifted the coveted trophy. Carried on the shoulders of the Indian team, he made a lap of honour, shedding tears of joy after the victory was sealed in his home city.

The 2011 World Cup was also the first time, in which a host nation ended up winning the trophy.

Apart from Tendulkar, England's Andrew Flintoff is the only other cricketer to feature in the list. In 2005, England managed to defeat Australia in an Ashes Test, but Flintoff chose to first shake hands with Brett Lee rather than celebrate with his side.

Matthias Steiner (weightlifting), Natalie du Toit (swimming), Sky Brown (skateboarding), Alistair and Jonathan Brownlee (triathlon), Xia Boyu (mountaineering) have been nominated in the list.

Female tennis stars also feature in the list for coming up with an equal play, equal pay campaign. After pressure from Venus Williams and others, Wimbledon announced that female tennis players would receive prize money equal to the men's.

German international footballer Miroslav Klose was playing for Lazio in Italy's Serie A in 2012 against Napoli when he rose for a ball in the early moments of the game.

The ball came spiraling off his hand and skirted into the back of the net and a goal was awarded. While most players would carry on as if nothing had happened, Klose was honest with the referee and admitted that he handled the ball.

As a result, he also finds a place on the list.

The Laureus Sporting Moment Award celebrates the moments where the sport has unified people in the most extraordinary way.

This campaign has shortlisted 20 sporting stories from the last 20 years that have left their mark on the world.

The winner will be decided on the basis of public voting. It has already started, and the final date to cast the vote is February 16.

Finally, the result will be declared on February 17.
With three knock-out rounds, the top-20 moments will be whittled down to ten then five, with the top-five moments going head-to-head.

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coastaldigest.com news network
April 17,2020

The unexpected lockdown to prevent spread of covid–19 has caused a serious damage to the lives of Indian expatriates irrespective of laborers and entrepreneurs in Kingdom of Saudi Arabia. Different stories of expatriates' ordeals are emerging from the region. 

Abdul Razaq, hailing from Udupi in Karnataka has been running small scale business at Jeddah, Saudi Arabia, based on oil refinery projects of the government. He was undergoing medical treatment for his cancer which is in fist stage. He explaines his ordeals caused by lockdown and stopping the flight facility. 

“I was regularly visiting home country for the treatment of cancer. Now I cannot go as international flight service has been stopped. I expect that government will hear problems of expatriates and will arrange facilities to take us back to home”, he said.

Mubeen from Bengaluru was working on temporary basis  for a company in Jubail. He had lost his jobs like some of his colleagues due to the lockdown.

“As everything was alright, I had brought my parents recently to Saudi Arabia on a visit visa. Things changed drastically with covid-19 attack. Continuous lockdown caused burden over the company and they removed temporary employees like me to control possible losses” he said.

“Now owner of the flat has been harassing me for the rent. I do not have money either to pay rent or to cover daily family expenses. I do not know what to do further”, he added. 

Iqbal from Mangaluru left for Saudi Arabia to help his family. He got a job in a juce centre in Dammam recently. Corona lockdown made his life difficult. He is eager to return his home country. 

“I came to Saudi Arbia because of financial difficulties as I had not found any job with good salary there. I thought I can earn well by going to Saudi Arabia. However, here too the salary was not so good. Now juice center is closed due to lockdown and sponsor is giving very small amount of money as salary through which we cannot afford our expenses and our families back in home,” he said.

“Here It is not easy get help of fellow Indians since most of them have their own ordeals. I would like to return home country; there however we can manage to get help of friends and relatives. I am looking forward the help of Indian government to start air facility for stranded NRIs,” he said. 

Mohsin from Mysuru is a taxi driver in Dammam, Saudi Arabia. He was earning on commission basis. Now Saudi government banned movement of taxis in the region, which pushed him and his fellow taxi drivers into trouble.

“We were earning commissions daily on the basis of trips. Now we cannot move outside with taxi since it may cause us to pay the fine of SR.10000. How can I manage my expenses and family members in home?”, he asked.

There are cases of pregnant women who have to return India for delivery. Those who brought family here on visit visa will not have insurance. Delivery charges and any kind of medical facilities without insurance in Saudi Arabia is very expensive. Expatriate Indians with such problems are awaiting government's help.

“I had brought my wife on one year visit visa. Now she is pregnant and I have to send her back to home for delivery. If lockdown continues, it is difficult to send back and we have to spend big amounts for delivery without insurance. It is a big burden to me as I work for small salary in a company”, said Yunus from Hyderabad, who is living in Jeddah, Saudi Arabia.

Lockdown is haunting even entrepreneurs in Saudi Arabia. Most of expatriates in the industrial hub of Jubail are doing business based on Saudi Government’s oil refinery projects. Saudi Arabia temporarily stopped most of the projects as part of public health safety measures to maintain social distance. 

“We are doing business based on oil refinery projects. Now projects are stopped. We brought around 1100 people on work permit visa on temporary basis. And also, we have around 1200 permanent workers. It is a big burden to provide them with food, accommodation and salary. It may cause a big loss for our company”, said owner of expatriates company, Sheikh Mohammed.

Saudi Arabia had reported first corona virus affected case in March 2, 2020. At the end of March, it was 1600 and now it already corssed 6000. Saudi Health ministry has cautioned the number of affected people may rise 10000 to 200,000 and directed for more precautionary measures. In such case, the Indian expatriates may have to face crisis in the region. 

Indian expatriate organizations are demanding for immediate intervention of Indian government to ensure better quarantine facility and treatment of NRIs in Saudi Arabia as the cases are increasing rapidly. The condition of laborers in some of the camps are such that seven to eight people should share a single bed room. 

“Normally if there is a flat, it will consist three to four bed rooms. In single bedroom companies will provide three four bunk beds and six to eight people should share the room. In such cases, if a person affected with virus it will spread quickly to others. Thus, Indian government should ensure quarantine facility for NRIs”, says Wasim Rabbani, president of Indian Social Forum, Eastern Region, Saudi Arabia. 

President of Karnataka Non Residential Indians, A forum for the NRI organizations of Karnataka, Zakaria Muzain says Indian Government should immediately interfere to bring back those stranded NRIs who wish to return home. Government should intervene to pressure Indian embassy to take the issues of troubled expatriates. 

“Government should make special flight arrangement for such NRIs in trouble. It should also arrange quarantine facility for those who return to India. Already there are many Non-Governmental charity organization which have come forward to give their facilities for NRIs”, he said. 

NRIs from all categories are looking forward for the help of Indian government. It is important to Indian government to take quick action as the problem is increasing in Saudi Arabia.

Comments

Althaf
 - 
Monday, 20 Apr 2020

Help from modi government is a nightmare 

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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