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
Cows need Z+ Security.....
Buffalo's will be worshipped on father's day.....ha ha.....
Can cow god mate on street? Please build Goshaalays before making Sauchaalay......other cow Vidhya balan......ha ha
Mr Pumpwell,,,,,Pls go to Bhatkal Police station, and find out ..who placed the Meat bag in the Nagabana recently..... All criminals.... They themselves do all kinds of anti social acts and blame the other community members...
All these RSS supported goonda gangs are worried of PM's statement. In the name of Gow rakshak they used to make
a very good money. They themselves used to transport the cow and sell the cow. They used to get the haftha from each truck or van who transports cow. Now they worried about their business.
This sharan is doing a lots of money in the name of \hindusm\". These are the real anti hindus. They are spoiling good religion name for their benefit. First of all intelligent department has to check these goons leaders , from where they get huge money and vehicle for their illegal operations."
Let first chaddi Indian army protect our Kashmir, later they are welcome to save your so called \GO MATHA\"."
I really dont understand why GOD need protection that too an ARMY.Being a GOD why can not he save himself.Then how can a GOD protect his beliver's like Sharan.
i thank D Souza but he is unaware that even in HIndu authentic scriptures eating cow meat is holy not an offense
these days criminals are heroes of the nation , definition of nationalist has been changed to RSS , HA HA HA
In Islam drinikg alchohol and selling is prohibited equally ,why you Govt export it without any cowraskshak firewall and restrict inside India , dont you think is a joke , its a created job to kill with licence the humans to save animal , this must be stopped
Pumpwell is partner with Somnath in beef exports ... May be he is losing his profit... but everything will be EXPOSED in near future.
mr sharan quickly go and break the leg of those bjp leaders who export your so called gou matha meat
Dear Sharan Bhai,
Also write him to stop exporting beef to worldwide....
Do you think that government of India exporting beef without killing the cows, in such case it is more painful to Gomaatha, Please don't be stupid stop making drama in the name of cow...
In foreign countries every hypermarket and supermarkets selling Indian beef..from where these beef coming could you ask Mr. Modi about it and to order for a inquiry on it....or let him announce that flesh of Gomaatha only for export not for self use..
If you need more information... we will start a photo campaign of the Indian beef counters in different countries of the world...
We need soldiers to protect cow meat export from various airports and seaports.....
I think SHARAN PUMPwell is ignorant of his own scriptures...
The Aryans of the Rig Veda did KILL Cows for purposes of food and ate beef in abundantly clear from Rig Veda itself. In RV (X86.14) Indra says : They COOK for one 15 plus twenty OXEN.
The RV (X91.14) says that for AGNI were sacrificed horses, bulls, oxen, BARREN COWS and rams. From Rig Veda (X.72.6) It appears that the COW was killed with a Sword or AXE.
He is also ignorant of the indian law too..
How can people follow this IGNORANT & Dig their own hell to themselves as well as their families (Just lyk NAMO leader who was on the run and now behind bars without any bail.. He may getaway but his family is suffering also the family of the victims are suffering. How come these intelligent people does not recognize the evil in this?????????
Mr. sharan,
DO you agree law and order is equal for all. Even if you belongs to rowdy dal or a common man, who gave you permission to assault or humiliate someone in the name of cow.. Be human first then be a rakshak to humans first other animals comes in later stage. Think like a man not like animal.
Dont make your own rules. be cool man..
who are u to protect the cow and take law in your hand
police will take care, why u people behave like goondaas in mangalore karnataka
if cow is holy ... then it is only for ur hindhu religion not applicable for others
need to protect our country and women from rapists then go for special cow , u request to bring the army to karnataka for saving cow.. u r good joker of mangalore
Dear Brother Sharan,
Cows as you were described as 'GOD' need food not the ARMY. Please visit north India and see how your GODS Been treated. Dear Sharan please send some food stuffs to Rajasthan so that we can save your GODS.
Let's stop consuming the cheap Indian exported cow meat
also reminded the PM of an existing provision in section 40 of CrPC that empowers citizens to arrest those who commit cognizable offences.
So Mangaloreans have the Liberty to Arrest Mr Pumpwell for Attacking Muslims and committing many offences in Past as per his crpc40 section?
Viren.. good to see you against Modi...ha ha..
Sharan ....will this letter reach the pm...?
Since govt. has failed to protect minorities from RSS terrorism due to shortage of police force in the state/country then according to Pimpwell logic Muslims should form Minority Army to protect people from RSS terrorism.
He said, It's holy animal. Can some one elaborate how it is HOLY????
Mr pump well if you feel cow is God then better make a round to panambur or baikampady area and see how cows are lying on the road. With food ,
I request all muslims to stop eating beef. Big full stop. We can survive in other ways.
But if we do it..
Will the so called cow protectors promise us they will stop this violence and mess.?
Will the govt stop exporting cow meat?
Will they agree that they will not being another animal as holy god after this?
Lets finish it totally in a decent wAy.
I am in gulf, the indian beef is on cheap offer price now, but still i dont buy it. Its my way of protest against indian beef exporters and govt. any indian meat i dont buy.
Viren Kotian, Udupi,
You need to protect? Do you have any idea about those protected cows in Rajastan and Gujrat? Cows are dying there without food, dead bodies are stinking there and your Gau protectors are not to be seen taking care of them.
Tell your pumpwell to send his Dal to those place to clean up the mess.
A day will come when all these Bajrangi/Hindutva street fighters will teach a lesson to their own masters. That will be the end of RSS.
Good move by Sharan Pumpwell. Why we need to protect? let the centre send Army and shoot down cattle transporters. Anti nationals will start protesting. Let the Army curb the protesters too just like they did in Kashmir.
As per ICRA, Indian Buffalo meat(read as Beef) exports from India to reach to Rs.40,000/- crores in five years reported Business Standard newspaper. PM Modi has to look after the interests of exporters mostly upper caste Hindus and Jains.
Wait a minute....1st of all which law says not to kill the cow...Karnataka govt. Or central govt. Never banned the cow slaughter...... If the law is from ur religious book then it only apply to those who believe in it.... Not us........don't bark anything in media.......youngsters r watching u
First let them protect our women from rapist, law also don't permit to rape or take law in your hand, then what law are you talking about.if you are really worried about the law then allow the police to their work instead of you guys taking law in hand and torturing the innocent.
First let them protect our women from rapist, law also don't permit to rape or take law in your hand, then what law are you talking about. if you are really worried about the law then allow the police to their work instead of you guys taking law in hand and torturing the innocent.
Can any one explain the income of Sharan Pumpwel? what is his monthly income? what is his business? How he earn money?
Eligible for next PM post.
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