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Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.

Bengaluru, Apr 23: The Karnataka government on Wednesday promulgated 'The Karnataka Epidemic Diseases Ordinance 2020' that provides the state with a power to seal borders, restrict essential services and punish those attacking public servants and damaging public property.

The Ordinance comes after violence in Padarayanapura when the police and BBMP officials were attacked while they tried to take some secondary contacts of a deceased COVID-19 patient into quarantine on April 19.

The Ordinance, which was promulgated after the Centre's guidelines in this regard, said, "The offender shall be liable for a penalty of twice the value of public or private property damaged as determined by the Deputy Commissioner after an inquiry."

It further said that if the penalty is not paid by the offender, then the amount shall be recovered under provisions of the Karnataka Land Revenue Act, 1964. The Deputy Commissioner can even attach the property of such offender in due course.

Also, abetment of offence would attract imprisonment of up to two years and a penalty of Rs 10,000 or both.

"No person shall commit or attempt to commit or instigate, incite or otherwise abet the commission of offence to cause loss or damage to any public or private property in any area when restrictions and regulations are in force to contain any epidemic disease," the Ordinance said.

Whoever contravenes such provision shall be punished with imprisonment for a term which shall not be less than six months, but may extend to three years and with fine which may extend to Rs 50,000, it added.

On Wednesday, the Centre brought an Ordinance to end violence against health workers, making it a cognisable and non-bailable offence with imprisonment up to seven years for those found guilty.

"We have brought an Ordinance under which any attack on health workers will be a cognisable and non-bailable offence. In the case of grievous injuries, the accused can be sentenced from six months to seven years. They can be penalised from Rs 1 lakh to Rs 5 lakhs," Union Minister Prakash Javadekar briefed media after Cabinet meeting.

Javadekar said that an amendment will be made to the Epidemic Diseases Act, 1897 and ordinance will be implemented.
This comes amid nationwide lockdown in the wake of COVID-19.

Mangaluru, Apr 18: Sauharda Forum in Moodbidri has placed a food-counter stand near Krishnakatte in Moodbidri here to feed the hungry during the lockdown.

Due to strict implementation of lockdown to prevent the spread of COVID-19, shops and hotels have remained closed since last one month posing a huge difficulty for many.

Stranded migrant labourers and others can collect water bottles, fruits, biscuits, and other eatables free of cost by the people at the stand.