Dammam: ‘Pragati’ commemorates Jamiyyatul Falah’s 30 years of selfless service

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

The Chairman of Intellectual Council Jeddah, Syed Nasir Khurshid, called for a Zoom meeting on 2nd July, 2020 to celebrate the oath taking ceremony of the D K Shiva Kumar who took over as the President of the Karnataka Pradesh Congress Committee. Mr Khurshid opened the meeting with a very enthusiastic and sincere note of congratulations to newly appointed president of Karnataka Pradesh Congress Committee, Mr. D.K.Shivakumar.

The chief speaker for the evening was Saleem Khaleefa, vice Chairman of the Council, he said, for more than 4 decades, he is monitoring the politics of the Karnataka state very closely and also monitoring the role of crises management DK Shiva Kumar in the last 2 years, whether it is Rajya Sabha election of Mr. Ahmed Patel or managing the MLAs of Madhya Pradesh. He said, he is one of the best leaders of the party and the best leaders use “their brain, their heart, their soul and their guts.” And his leadership is fit in the size of all these characters. Growth is a very powerful word and fundamentally, party growth is the responsibility of the President and he can take a holistic approach to close the gap between and among the party cadres. 

Every effort is to be made to preserve the sense of unity within the party. We need to unite party base while appealing to voters. He should identify on ground challenges and find the mechanism to address them. He further pointed out that a President’s chief responsibility is to bring all the party leaders and office bearers on the same page with a Mission to bring back the congress party into power in the next assembly election. His smart strategies, road map, mechanism, booth management, better connected with the party workers, taking everyone along with him, will be a direction for the presidents of the party in other states to take party into power.

He pronounced his leadership is totally remarkable and has a track record of his very sensible leadership and he also known for his collaborative and crises management leadership style. Engr. Nasir suggested that his first task is to address the formidable challenges faced by the party and bring the Congress members together, on a very single aspect how to win the election. The party backbone and strength is gross-root workers who can play a significant role to take the party in a very strong and popular position in public. He emphasized that unity is the main strategy and ingredient to win the election, because a party divided will hurt, cannot win the election. Planning is everything and a good planning goes a long way, helping to win the election.  

All the members of the Council expressed their views and everyone is very much hopeful that he is the right person to lead the party from top.He has commanded immense respect from party workers, office bearers, all communities, groups, including opposition parties. He is a very experienced, have immense experience and hard-work leader and he is a strategist and knows the art how to motivate the party workers and unite all in a single rope.

Engr. Amjad Ali said, we are very much confident that he will re-structure from bottom to top, panchyat, taluka and district committees will be re-structured and will induct caliber and talented leaders who can understand and realize their responsibilities and accountability as head of the party at their levels with only one point how to win the coming election with thumping majority.

One of key members of the Council, Sajid Shaikh expressed joyfully that every single member of the party have confidence on the leadership of Mr. D.K Shiva Kumar and his appointment to the top position says a lot of nice things about him.  He has shown his great leadership and expert in crises management on many occasion.  The party in Karnataka is in good hands and I am sure he will sort-out all the difference between and among the party leaders and cadres, which has hurt the party in the last election and will bring all on the same page. Congress party and its workers are lucky to have such a passionate and hardworking president who is ready to work day in and day out to bring party in power in 2023 assembly election.

Prominent members of the Council, Engr. Azher Parvaiz, Engr. Abdul Wahid, Hazrat Qadri, Engr. Abdul Ameed, Saleem Khan, and Rafiuddin Kharadi commented, we looking forward his dynamic and result oriented leadership in organizing and re-shaping the party in the state, he will hold all congressmen together with a noble purpose, motivate every party worker to work with dedication so that congress can come back to power with absolute majority and he can count on our absolute support in booth management as well  suggest a few points to be included in the manifestos, running a high  successful voltage campaign highlighting the failure of the BJP government at the Center and at the state, between and among in the NRIs community across the Gulf Countries, including Europe and America. Council will do the value-based politics and will present the image of the Congress party, as the rational political party, with secular and inclusive, where people of all religions, caste, race and gender, feel wanted in the party, as its main ideology.

Syed Nasir Khurshid thanked entire team for attending the meeting he expressed his gratitude towards Vice Chairman of the council Saleem Khaleefa for speaking as chief speaker and giving updates, he said, team members are excited to meet in person with Mr. D.K. Shiva Kumar, when members visit India during their vacation.

Kochi, Mar 1:Adheringto a policy of "zero tolerance" towards clergy who sexually exploit minors, Pope Francis has expelled a Kerala priestconvicted of rape from all priestly duties and rights, according to church officials.

Syro-Malabar Church priest Robin Vadakkumchery is currently serving a jail term for impregnating a 16-year-old girl in Mananthavady diocese.

"Vadakkumchery has been dispensed from the exercise of priestly duties and rights. That means he has been reduced to the state of a layman", a Church official told PTI.

He was suspended from priestly duties soon after the news about his crime was reported in early 2017.

A POCSO court in Thalassery last year had sentenced Vadakkumchery to 20 years of Rigorous Imprisonment and slapped a fine of Rs three lakh on him.

The priest, 50, was the vicar of the local church in Kottiyur in Kannur district and manager at the school where the victim was studying.

He was arrested two years ago while trying to flee to Canada.

The Vatican's action came two years after Pope Francis made it clear that all bishops should adhere to a policy of "zero tolerance" for clergy who sexually exploit children.