UAE court issues worldwide freezing order on BR Shetty’s assets

News Network
July 25, 2020

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

UAE Muslim
 - 
Sunday, 26 Jul 2020

give money to RSS now to kill muslim....GOD will turn the table for moran like you BR,...shamed of tulu guy cheated the UAE govennment...not root in hell

ANONYMOUS
 - 
Saturday, 25 Jul 2020

amount should be 8 billion dollar and not 8 million dollar

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News Network
March 8,2020

Mangaluru, Mar 8: A cruise ship with a Panama flag has been turned back at the New Mangalore Port here following the Centre's advisory in the wake of the coronavirus outbreak, officials said.

The vessel 'MSC Lirica' was sent back on Saturday as the Union Ministry of Shipping had directed all ports not to allow any cruise ship from foreign destinations to call on Indian ports.

No further details about the ship were disclosed.

New Mangaluru Port Trust chairman A V Ramana said the ministry has directed all ports to deny entry to cruise ships till March 31 in the wake of the coronavirus scare.

Around 25 vessels were expected to call on the port here during the cruise season.

Meanwhile, the National Disaster Response Force (NDRF) conducted an awareness programme on prevention of coronavirus COVID-19 at Mangaluru International Airport.

The stakeholders were sensitised on handling passengers affected with covid-19 and precautions to be taken for dealing with affected passengers.

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coastaldigest.com news network
February 3,2020

A motley group of as many as 150 birders ‘walked the chirp’ in search of their feathered friends in and around the countryside of Manipal. The occasion was the 10th Edition of Manipal Bird Day organised by Manipal Birders Group on Sunday, February 2nd, 2020.

The day began ‘Bird Walk’ from Hotel Sheela Sagar (Opposite MIT campus) at 6:30 a.m. The birders divided themselves in smaller groups of 10-12 members and followed 13 different trails which took them through different terrains like hills, plains, paddy fields and wetlands. The idea was to sight as many birds as possible and record their presence in the region.

When the walk ended at about 10:00 a.m., the different groups have recorded a total of 125 species of birds, which was a bit lesser than the sighting of the yester years. “The 10th edition this year has seen a very good growth of interest among people. At the same time a decline has been seen in the bird species sighted compared to previous years,” said one of the organisers. Some of the rare birds sighted were Indian Pitta, Oriental Turtle Dove, Fork-Tailed Drongo Cuckoo, Orange Breasted Green Pigeon, Eurasian Marsh Harrier and Malabar Pied Hornbill.

The bird walk was followed with an interaction session at KMC Food Court and MAHE Vice Chancellor Dr. H. Vinod Bhat presided over the function. He felicitated six people who actively participated recently in a rescue mission of abandoned birds in Manipal.

A program then continued with a talk on ‘Ethical Photography’ by Dhruvam Desai, final year student of MIT, Manipal. This was followed by ‘Backyard Birding’ with Shubha Bhat from IISc Bangalore. She spoke on different ways to feed the birds with water using different materials for bird baths. “I have recorded 120 species of birds from bird baths in my garden,” she said. She encouraged the participants to have bird baths in their gardens or flats which will help quench the thirst of these little winged wonders during summer.

The participants involved themselves actively in the interaction sessions. The event was accompanied with an art exhibition titled ‘Feathered Jewels’ by Aditya Bhat. He presented around 18 paintings all from his memory of birding encounters.

Participation in Manipal Bird Day was open to all and entry was free.

MANIPAL BIRD DAY

Manipal Bird Day is an annual event dedicated to celebrating birds in Manipal. This day long event brings together a large number of birders from Manipal, Udupi, Mangalore, Mysore, Bangalore, Davangere and other places. Around 150-200 people gather and are split into different teams. They visit the assigned regions and count as many birds as possible. This non competitive event focuses on spreading awareness regarding the diverse avifauna around us. Turn out for this event has been increasing from 3 people to 200 in last 10 years. This is the 10th edition of Manipal Bird Day.

MANIPAL BIRDERS CLUB

Manipal Birders Club started as a Facebook group after the release of the first edition of “A Birders Handbook to Manipal” to share information about the latest sightings. It is now a formal group of over 500 like-minded members that meets at least once a week to go on bird walks. It is now a large birders community and a medium to organize events, bird walks and discussions about birds and sightings.

The next step would be to involve a higher number of local and young birders who will dictate the change in environment around the town in the coming years. With the co operation of Zoology and natural sciences students and other nature enthusiasts and faculty of different colleges weekly birding sessions have been conducted to involve and encourage more and more people to bird and get connected to the nature and to try to understand the changes happening around us, the media release issued by the group said.

 

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News Network
May 14,2020

Bengaluru, May 14: Three youths died of "asphyxiation" when they fell into a pit in the abandoned Kolar gold field mines, where they had gone to allegedly steal iron material early on Thursday, police said.

On Wednesday night, the trio had entered the gold mine in Kolar district, about 100 km from Bengaluru, and fell in the pit after losing balance.

After inhaling the poisonous gas in the pit, they were asphyxiated to death, they said.

"It was a seven hour exercise after which we could bring out two bodies. Work is on to retrieve the third," a police officer told .

Police reached the spot after they were alerted by the accomplices of the deceased.

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