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.
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Ella sahodarammarkk oru advise, nanga nanga penagitt nangalo onnamatho dushman BJP gellum pole aakiranda, please please ninga ellarum onnaitt genduro chance ullo nangalo oru candidate barumpole aakonu, nangalo raya innoru UP do pole aakiranda
Brother,
Being in respectable position as a minister, he should have thought twice before making a statement. If somebody scribbles against him or speaks against him in social media like Fb and whatsapp let him file a case against them. Or let him condemn them. ಇವರನ್ನು ಟೀಕಿಸಿದವರೆಲ್ಲ ಢೋಂಗಿ ಮಾಡಿ ಗಲ್ಫ್ ಗೆ ಹೋದವರಾ? . ಧಾರ್ಮಿಕ ಕಾರ್ಯಕ್ರಮದಲ್ಲಿ ಮಾತನಾಡುವಾಗ ಸ್ವಲ್ಪ ಚಿಂತಿಸಿ ಮಾತನಾಡಿದರೆ ಅವರ ಘನತೆಗೆ ಒಳ್ಳೆಯದು.
In next election, people will decide who is the best loafer and teach him a good lesson. #Ashrafbhai Nxt Mla #UTK Koragajjana gudige
UT Khader Saab. Most of the NRIs from your region know very well that some of your opponents are not just loafers but are ugliest creatures and communal goons. But you don’t lose cool and respond to them in public. Let them go to hell. We are with you. You are a role model for many. So kindly don’t react to the loafers in their own language.
My humble request to UTK is to ignore the cheap level criticism by communal goons. Be it Bajrangis or SDPI. They really don’t deserve the attention of a great social worker and politician like UTK.
UT Khader has not twisted his statement. He never said that all NRIs are Dongi Maadi Gulf ge hodavaru. He said that Dongi Maddi gulf ge hodavaru trying to teach him how to live. And he doesn’t care them. That’s true. Nirva Modi and Vijay Malya also included in dongi parties.
ಯು. ಟಿ ಖಾದರ್ ಓರ್ವ ಶಾಸಕ ಹಾಗೂ ಸಚಿವ ಎಂಬ ಕಾರಣಕ್ಕಾಗಿ ಅವರನ್ನು ಎಲ್ಲಾ ಜಾತಿ, ಮತ, ಧರ್ಮ ಪಂಗಡದವರು ಅವರವರ ಧಾರ್ಮಿಕ ಕಾರ್ಯಕ್ರಮಗಳಿಗೆ ಆಹ್ವಾನಿಸುತ್ತಾರೆ. ಜನ ಪ್ರತಿನಿಧಿ ಎಂಬ ನೆಲೆಯಲ್ಲಿ ಖಾದರ್‌ರವರು ದೇವಸ್ಥಾನ, ದೈವಸ್ಥಾನ, ಚರ್ಚು, ಮಸೀದಿ, ಉರೂಸ್, ಸುನ್ನಿ, ಎಪಿ, ಈಕೆ, ಸಲಫಿ, ಜಮಾತೆ ಇಸ್ಲಾಂ ಎಂಬ ಬೇಧ ಬಾವ ಇಲ್ಲದೆ ಭಾಗವಹಿಸುತ್ತಾರೆ. ಅವರವರ ನಂಬಿಕೆಗಳನ್ನು ಗೌರವಿಸುತ್ತಾರೆ. ಅಂತೆಯೇ ಕೆಲ ದಿನಗಳ ಹಿಂದೆ ತಮ್ಮ ಕ್ಷೇತ್ರದ ಕೊರಗಜ್ಜ ಕಾರ್ಯಕ್ರಮದಲ್ಲೂ ಭಾಗವಹಿಸಿದ್ದರು. ಪ್ರತೀ ವರ್ಷವೂ ಅವರು ಆಹ್ವಾನಿಸುತ್ತಾರೆ ಮತ್ತು ಖಾದರ್ ಭಾಗವಹಿಸಿತ್ತಾರೆ ಇದನ್ನೇ ನೆಪವಾಗಿಸಿಕೊಂಡು ಕೆಲವರು ವಿದೇಶದಿಂದ ಸಾಮಾಜಿಕ ಜಾಲತಾಣದ ಮೂಲಕ ನಿರಂತರ ಖಾದರ್‌ರವರನ್ನು ಅತ್ಯಂತ ಹೀನಾಯವಾಗಿ ಹಿಯ್ಯಾಳಿಸಲು ತೊಡಗುತ್ತಾರೆ. ಸಾಮಾಜಿಕ ಜಾಲತಾಣದಲ್ಲಿ ಸಕ್ರಿಯರಾಗಿರುವವರು ಅದನ್ನು ಗಮನಿಸಿರಬಹುದು. ಖಾದರ್‌ರವರನ್ನು ಹಿಯ್ಯಾಳಿಸಲು ಅವರು ಬಳಸುತ್ತಿದ್ದ ಶಬ್ದ ಮತ್ತು ಭಾಷೆ ಯಾರನ್ನೂ ಒಮ್ಮೆ ರೊಚ್ಚಿಗೆಬ್ಬಿಸುವಷ್ಟು ಕೆಟ್ಟದ್ದಾಗಿರುತಿತ್ತು. ಅದಕ್ಕೆ ಪ್ರತಿಕ್ರಿಯೆಯಾಗಿ ಬರುತ್ತಿದ್ದ ಬರಹಗಳೂ ಅಷ್ಟೇ ಪ್ರಚೋದನಾತ್ಮಕ ವಾಗಿರಿತ್ತಿತ್ತು.
ಈ ಎಲ್ಲಾ ವಿಚಾರವನ್ನು ಉಲ್ಲೇಖಿಸುತ್ತಾ, ಅವರಿಗೇ ಸಂಬಂಧಿಸಿ ಉರೂಸ್ ಸಮಾರಂಭದ ವೇದಿಕೆಯಲ್ಲಿ ಖಾದರ್‌ರವರು... "ಊರಲ್ಲಿ ಮೋಸಮಾಡಿ ವಿದೇಶಕ್ಕೆ ಹೋಗಿ ಕುಳಿತು ನನಗೆ ಬುದ್ದಿ ಹೇಳುತ್ತಿದ್ದಾರೆ. ನಾನು ಎಲ್ಲಾ ಕಡೆ ಹೋಗಿದ್ದೇನೆ, ಹೋಗುತ್ತೇನೆ .. ನಾನು ತಪ್ಪಿದರೆ ನನ್ನನ್ನು ತಿದ್ದಲು ಉಲೆಮಾಗಳಿದ್ದಾರೆ. ಈ ಲೋಫರ್ ಗಳಿಂದ ನಾನು ಪಾಠ ಕಲಿಯುವ ಅಗತ್ಯವಿಲ್ಲ...." ಎಂದು
ಹೇಳಿದ್ದಾರೆ.
ಈ ವಿಡಿಯೋದ ತುಣುಕನ್ನು ವೈರಲ್ ಮಾಡಿ ವಿದೇಶದಲ್ಲಿರುವ ಎಲ್ಲಾ ಪ್ರವಾಸಿಗಳನ್ನು ಖಾದರ್ ಅವಮಾನ ಮಾಡಿದ್ದಾರೆ ಎಂದು ಬಿಂಬಿಸಲು ಪ್ರಯತ್ನಿಸುತ್ತಿರುವುದನ್ನು ನಾವು ಕಾಣುತ್ತಿದ್ದೇವೆ. ಈಗಲು ಕೆಲವರು ಖಾದರ್ ವಿರುಧ್ಧದ ತಮ್ಮ ಬರಹ ಹಾಗೂ ವಾಯ್ಸ್ ಮೆಸ್ಸೇಜುಗಳಲ್ಲಿ ತೀರಾ ಕೆಟ್ಟ ಶಬ್ಧ ಭಾಷೆ ಬಳಸುತ್ತಿದ್ದಾರೆ. ಸಾಮಾಜಿಕ ಜಾಲತಾಣಗಳಲ್ಲಿ ಸಾರ್ವಜನಿಕ ಮರ್ಯಾದೆಯನ್ನು ಮೀರಿ ನಡೆಯುತ್ತಿರು ಖಾದರ್ ಪರ ವಿರೋಧ ಚರ್ಚೆಗಳು ಸಮುದಾಯದ ಮಾನ ಹರಾಜು ಹಾಕುತ್ತಿದೆ ಇದು ಇಲ್ಲಿಗೇ ನಿಲ್ಲಲಿ ಎಂಬುದು ಎಲ್ಲಾ ಪ್ರಜ್ಞಾವಂತ ಮುಸ್ಲಿಮರ ಅಪೇಕ್ಷೆ.
UTK has insulted innocent loafers by calling communal goons as loafers
Mr. U T Khader,
Please do not twist your statement. You clearly made a statement " Dongi maadi gulfge hodavaru". Even i was a huge admirer of you till date for your simple nature and work which you have done during your tenure as a minister and MLA. But that one statement has made a big difference. I watched the video 2 to 3 times to check about the background. You were referring to a group which conducts meeting in hills(gudde) under torch light. But hope you remember that same group was in your favor when you first contested for bye-election after your father's demise. My request is not to have over confidence, which may result in ego and ultimately result in losing. So many egoistic emperors in the world have lost their empire and power. Therefore, you are not a match at all. If you want to condemn a particular group or party, name it and condemn it in specific & do not make generalized statement. Your statement of "DONGI MAADI GULFGE HOGIDDU" has hurt the sentiments of NRI community who have come here away from their families to earn a livelihood.
Kindly take your time to tender an apology for your words. May Almighty Allah bless you with good health and strength to serve the society and community in a better way.
I think in this state election only one thing will happen for sure "Ibbara Jagala Muraneyavanige Laaba"...
Last year Sangh Parivar leaders were hurt when UT Khader said those who oppose constitution should be hit with slipper. This clearly proved that they oppose constitution. Now some SDPI leaders are hurt when UT Khader said that he wants to learn lesson from Ulema and not from loafer or a person who avoids work and spends time doing useless things. This also proved who are loafers.
“Loafer” is not an abusive or derogatory word. “Communal” is more abusive and insulting word compared to “Loafer”.
Election won't decide anyone's fate. Fate will be decided by the Creator. Our prayers are with self-less politicans like UT Khader.
Feel very sad to see some fringe groups unnecessarily pulling the legs of an honest politician in the name of religion. When I embraced Islam several years ago Muslims used to spend time by fighting each other on religious matters and absurd rituals like Urus, Maulid, ratheeb etc. Now Muslims are fighting with each other by forming political parties. When these Muslims will learn lessons? When they realise their responsibilities? When they stop petty politics?
First of all loafer is not an abusive word. It just means an idle person or a ‘poli huduga’ in Kannada. But the uneducated loafers do not know the meaning of loafer i think. That’s why they making it a big issue.
Dikkara ninage Mr Khader
Bara barutha raayara kudure katthe yaayithu.....
Khader bhai... muslim community had very good hope on you & supported you on full extent... But you are going towards normal politician behind money & seat.... SUPPORT doesnt mean that only to muslims... A true leader will treat all community fair & equally... which congress & other party leaders couldnt do... Instead you are blaming our muslim brothers without having basic knowledge.... Politician doesnt understand normal person way of living that how they spend daily life & how much efforts they are taking to fulfill their family needs...
In sha allah your fate will be decided in this election..
Let the Election results tell who are loafers and cheaters In sha Allah.
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