Embattled tycoon B R Shetty now holds employees responsible for NMC fraud 

coastaldigest.com news network
April 30, 2020

Newsroom, Apr 30: Beleaguered billionaire B R Shetty, who went into hiding after after a multi-billion fraud at UAE-based NMC Health came to light, has now put the blame on his companies employees.

The former chairman of the Abu Dhabi headquartered hospital operator said, investigations he commissioned found following things:

1. The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.

2. The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.

3. The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.

4. The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.

5. The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.

6. The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies."

This is the first time Dr. Shetty, who is reportedly hiding in India for the last couple of months, issued a statement based on investigations he commissioned privately. He had brought in a consultancy to conduct it after initial revelations came to light that NMC Health had not been fully transparent with its finances.

Dr. Shetty had stepped down as executive chairman after the then Board of Directors barred him from attending any meetings. “I intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them ensure that misappropriated or missing funds are returned by the perpetrators to their rightful owners,” said Dr. Shetty.

This month, ADCB, which has the highest exposure among UAE banks to NMC Health, brought charges against five former officials, including ex-board of directors, with Abu Dhabi prosecution. The former CEOs of NMC Health and Finablr are also currently not in the UAE.

Comments

Kannadiga
 - 
Thursday, 30 Apr 2020

Can he explain give few wordd about Daniel Varghese  the founder of UAE exchange.

Who is the person shattered his fate .

 

 

 

 

 

 

 

 

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coastaldigest.com web desk
June 17,2020

Remember social media memes of Chinese companies exporting #BoycottChina hats and t-shirts to India? This time India’s sensational and saffronite TV anchor Arnab Goswami vindicated those memes by hosting an anti-China debate show which was sponsored by Chinese companies!

While the last night's debate was all about boycotting Chinese products in the wake of massacre of over 20 Indian soldiers by their Chinese counterparts in eastern Ladakh, the show was brazenly promoting Chinese products through advertisement placements. 

During the debate, amongst the flashy headlines, there were two brand sponsorships that appeared: VIVO and Xiaomi. Both companies are giant Chinese multinational corporations. 

Twitter user Nirmala Tai, who was among those who spotted this irony, highlighted two instances during the debate where the logo of one of the brands popped up, and one where Xiaomi was found promoting the Mi 10. 

Many Twitterati used Goswami’s some of the favourite words such as ‘hypocrite’ and ‘anti-national’ to target him. They hit out at his channel for accepting sponsorship deals from Chinese brands at a time when anti-China sentiment is strong in the country.

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News Network
January 7,2020

Kochi/Thiruvananthapuram, Jan 7: The Managing Director of Muthoot Finance company was injured after miscreants allegedly pelted his car with stones here on Tuesday morning following which one person was reportedly taken into custody.

George Alexander Muthoot, who suffered head injury has been admitted to a private hospital, police said.

A section of employees have been agitating against the Muthoot management over dismissal of 160 staff from the company's 43 branches across the state in December.

The protest is being held under the aegis of the Centre of Indian Trade Unions (CITU).

While the Muthoot management alleged that "CITU goons" were behind the attack that occurred at around 9 am in front of IG office here, the union leaders have maintained that they have no role in the incident.

Reacting to the incident, Labour Minister T P Ramakrishnan said he does not think any of the Muthoot employees were behind the attack.

"The employees were protesting peacefully. Violence is not part of their protest. Even now, in today's incident, I don't think any of the Muthoot employees attacked the MD.

However, it was the management of the company which had always provoked them by not implementing the decisions taken at conciliatory meetings," the Minister said.

If the management was prepared to change its stance, all the issues would be resolved, he said.

CITU leader Ananthavattom Anandan told reporters that they do not believe in such type of violent mode of agitation.

An official of the Confederation of Indian Industries Kerala chapter condemned the incident, saying "it is a matter of great concern".

Well known businessman and founder chairman and CEO of V-Guard Industries, Kochouseph Chittilappilly condemned the attack and said it was unfortunate that such incidents still continue in the state.

“Earlier also such incidents have taken palace. It's highly condemnable. The union leaders will now claim that the incident took place without their knowledge. But without the backing of union, such incidents will never happen,” he said.

Kerala-headquartered Muthoot Finance is the largest gold financing company in India.

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coastaldigest.com news network
May 24,2020

Udupi, May 24: As many as 23 people tested positive for coronavirus in Udupi in past 24 hours, according to the latest bulletin released by the health and family welfare department.

While 18 were tested positive till noon, five more tested postive by evening.

With this the total number of covid-19 cases in the district rose to 76 including a death. Three have recovered. There 72 active cases.

Among 23 fresh cases, many had reportedly come from Maharashtra. A 44-year-old woman had returned from UAE. A 26-year-old man returned from Telangana.

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