Dubai-bound man held at Mangaluru Airport for possession of 26 passports

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.

Kottayam, Apr 6: "I will leave this room within a week after defeating you," the braveheart nurse had vowed after contracting the deadly coronavirus while attending to India's oldest COVID-19 survior, expressing unflinching faith in Kerala's health care system.

Last Friday, 32-year old Reshma Mohandas lived up to her promise and walked out holding her head high to her home, where she is now placed under 14-day quarantine, after she and the elderly man and his wife were discharged from the Medical College Hospital here on being cured of th e disease.

Soon after 93-year-old Thomas Abraham, whose recovery has been dubbed as a 'miracle cure' by the medical community, and 88-year old Mariyamma left the hospital, Reshma too headed home but with the resolve to come back and serve the patients after the mandatory two weeks quarantine.

"I will leave this room within a week after defeating you (coronavirus)", Reshma had posted in a WhatsApp group of her friends and colleagues while undergoing treatment in isolation at the hospital.

"I posted that message in the WhatsApp group because I have full faith in Kerala's health system. It is world class," Reshma told reporters from her home.

The nurse, who took care Thomas and Mariyamma since March 12, believes she contracted the disease as she was in close contact with and often talked to the couple, who did not wear masks as it made them uncomfortable.

She said she loved taking care of all their needs.

"I was not tensed at all. I love taking care of elderly people. We used to talk a lot (in the ICU)", she said.

Reshma, who was earlier working in the operating theatre of another section, said she used work for four hours in the ICU before she contracted the virus and was admitted to the same wing as a patient.

"I had close contact with them in the ICU because I paid attention to address their every needs," she said. The first warning sign came on March 23 morning when she had a throat infection.

Reshma immediately alerted the head nurse, who in turn informed the doctors.

She was asked to visit the fever clinic at the Medical College and was later referred to the isolation facility where she took care of elderly novel coronavirus patients.

Some 20 nurses who had come into contact with her were sent to home quarantine.

On March 24, she tested positive.

"I did not have any other complications, barring headache and body pain", she said.

Reshma said she was ready to serve in the isolation facility for COVID-19 patients after 14 days of mandatory home quarantine.

"I am ready to work again in the isolation facility when I return," the feisty nurse, whose husband is an engineer, said.

She was all the more happy that proper medical care at the hospital led to recovery of Abraham and Mariyamma.

Kerala Health minister K K Shailaja telephoned Reshma to express her happiness over her recovery.

The Minister said the news about a health professional contracting the coronavirus was a matter of concern for the state.

In a statement, she hailed Reshma's dedication as a professional and said she had treated elderly patients like her parents, attending to their every need.

The elderly couple, hailing from Ranni village in Pathanamthitta district had contracted the virus from their son, daughter-in-law and grandson who returned from Italy last month, all of whom have also recovered.