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
I hail from a traditional Brahmin family in Karnataka. My entire family was part of RSS. I was also an RSS Karyakartha. The only aim of our lives was to demolish Babri mosque and build ram mandir. (I don’t know what is their aim today because I am no more in touch with them). Today I am a Muslim. Alhamdulillah. Years ago I embraced Islam. Though Muslim society in general has no role in my conversion to Islam, I was really impressed by some Muslim friends, their character, their language etc. However, in recent years I am observing a change in the attitude of many Muslims. They are adopting the tactics and language of Sangh Parivar. They love to abuse and mock others. They can go to any extent to justify their crimes. To be frank such Muslims are working as a great wall between Islam and non-Muslims. The number of such arrogant and uncultured people is very small in Muslim community. However their presence in social media is very strong. It’s high time such Muslims change their attitude and realise that their real responsibility. Those who resort to foul language and post provocative comments have no moral right to fight Snagh Pariavar because they are also doing the work of Sangh Parivar despite being in Muslim community. Let me also remind those hardliners that the biggest jihad for a true muslim will be against his own nafs, not against any parivar.
Imapartial?! Good joke bro. What CD did ? just hided the acts of RSS and highlighted SDPI here, shame to joiurnalism!! This is called Pimp Journalism, not impartial, understand it.
Some of the comments here show how intolerant people they are. One person is calling a murder victim a terrorist. Then what about murderers? I think the one who wrote comment in Kannada is a member of Boko Haram.
Why you people are targeting SDPI if they make wrong they will get but what about RSS , when they killed humanitarian & make problem for Innocent People why you people are not open your Heart & talk againts RSS.
Why you people are targeting SDPI if they make wrong they will get but what about RSS , when they killed humanitarian & make proble for innocent people why you people are not open you Heart 7 talk.
What do you mean by that? SO you are uneducated dumb fellow ? U dint study in Madrasa? U know what people will learn in Madrasa> what rubbish ? You are the agents of RSS goons? shame on you to use such words on Madrasa?
I dont find anything wrong in that reply. words might be fouls. But its nothing in front of the Pimp journalism you used to blame SDPI, Dont u have shame guys?
Why you are linking Islam to those who killed somebody? thats just killers, consider them as Killers only, but not Islam. shame on you to use such words like sanghis to blame Islam.. You are the one who is in CDs Manuvadi "Bhat"? Because only such people can aser like this.. Shame on you
CD should not publish these kind of comments. They are uneducated and biased people. In Islam does not teach to kill someone from any religion. They are trying to give bad name to Islam, which they cannot.
Dear SDPI Fan,
SDPI or PFI is doing very good job in Saudi Arabia. They are doing social work for the needy people for all the religion, which is commendable. Nevertheless, in India some people are doing totally revers and against Islamic activities in the name of SDPI.
Thanks for the impartial report. That’s why we love CD. Don’t fear anyone. And don’t care the foul mouthed people. Prophet Muhammad (s) has declared that foul mouthed people are munafiqs.
I would like to meet the parents of the SDPI fan who wrote a comment in Kannada here and ask them how do they bring up children. So far I thought that only Sangh Parivar’s social media army can use such an ugly, cheap and unhygienic language. Now I am convinced that there is no religion party for foul-mouthed urchins.
He is definetly not a madrasa product. He must be a bus stand toilet product. From the beginning to end he has written only shit. I think he is an expert in writing comments on toilet walls in bus stands and trains. God knows whether parents teach them basic manners or not.
Dear SDPI fan. Your anger is on CD! Then why are you murdering Kannada language?
Very nice language..! I think you must be a Madrasa product! Kindly let me know in which Madrasa you studied all these glorious Islamic words?
ಸಂಘಿಗಳ ಪೋಸ್ಟ್ ಕಾರ್ಡಿಗೆ ಸಡ್ಡುಹೊಡೆದ ಶಿಖಂಡಿ "ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್"!!
ಮಾನಗೇಡಿ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎಂಬ ನಾಮರ್ಧರ ಜಾಲ ತಾಣವೊಂದು ಕೇರಳದ ಆರೆಸ್ಸೆಸ್ ಭಯೋತ್ಪಾದಕನೊಬ್ಬ ಜನವರಿ ಮೊದಲ ವಾರದಲ್ಲಿ ಅಯ್ಯೂಬ್ ಎನ್ನುವ ಬಸ್ ಡ್ರೈವರ್ ಒಬ್ಬನನ್ನು ವಿದ್ಯಾರ್ಥಿಗಳ ಮುಂದೆಯೇ ಎಳೆದು ಹಾಕಿ ಎರಡು ಕೈ ಹಾಗೂ ಕಾಲನ್ನು ಕತ್ತರಿಸಿ ಹಾಕಿ ತನ್ನ ಬರ್ಬರ ಭೀಕರತೆಯ ಭಯೋತ್ಪಾದಕತನ ಮೆರೆದಿತ್ತು. ಆದರೆ ಈ ಸುದ್ದಿ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎಂಬ ಆರೆಸ್ಸೆಸ್ಸಿನವರ ಮೂತ್ರ ಹಾಗೂ ಕಕ್ಕ ತಿನ್ನುತ್ತಲೇ ದಿನದೂಡುವ ಈ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಗೆ ಇದು ಸುದ್ದಿಯಾಗಲೇ ಇಲ್ಲ. ಆದರೆ ಅಯ್ಯೂಬ್ ಮೇಲಿನ ಹತ್ಯಾ ಯತ್ನಕ್ಕೆ ಪ್ರತೀಕಾರವೆಂಬಂತೆ ಅಯ್ಯೂಬ್ ಮೇಲೆ ದಾಳಿ ಮಾಡಿದ ಮುಖ್ಯ ಆರೋಪಿ ಆರೆಸ್ಸೆಸ್ಸಿನ ಭಯೋತ್ಪಾದಕ ಶ್ಯಾಮ್ ಪ್ರಸಾದ್ ನನ್ನು ನಾಲ್ವರ ತಂಡ ಹತ್ಯೆ ಮಾಡಿತ್ತು. ಬಿಜೆಪಿಗರ ಕಕ್ಕ ತಿಂದು ಕೊಬ್ಬಿರುವ ಈ ಪೋಸ್ಟ್ ಕಾರ್ಡ್ ನ ಅಪರಾವತಾರ ಡಬ್ಬಾ ಡೈಜೆಸ್ಟ್ ಗೆ ಇದೊಂದು ದೊಡ್ಡ ಸುದ್ದ್ದಿಯಾಗಿತ್ತು. ಇರಲಿ ಬಿಡಿ. ನಂತರ ಇದಕ್ಕೆ ಪ್ರತೀಕಾರವಾಗಿ ಆರೆಸ್ಸೆಸ್ ಭಯೋತ್ಪಾದಕರ ತಂಡ ಪ್ರದೇಶದ ಕೆಲ ಮುಸ್ಲಿಂ ಮನೆಗಳ ಮೇಲೆ ದಾಳಿ ಮಾಡಿ ನಗ ನಗದು ದೋಚಿಕೊಂಡು ಹೋಗಿತ್ತು. ಇದು ಇಲ್ಲಿನ ಯಾವುದೇ ಮಾಧ್ಯಮಗಲಲ್ಲಿ ಬಂದಿರಲಿಲ್ಲ. ಇದನ್ನು ಕನ್ನಡದ ವೆಬ್ ಪೋರ್ಟಲ್ ಒಂದು ವರದಿ ಮಾಡಿತ್ತು. ನಂತರ ಎಚ್ಚೆತ್ತುಕೊಂಡ ಈ ನಮಕ್ ಹರಾಂ ಸಂಘಿಗಳ ಕಕ್ಕ ತಿನ್ನುವ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎನ್ನುವ ಶಿಖಂಡಿಗಳ ಪೋರ್ಟಲ್ , ಆ ಘಟನೆಯನ್ನೂ ಆರೆಸ್ಸೆಸ್ ನವರ ಕೃತ್ಯವನ್ನು ಜನರಿಗೆ ತಿಳಿಸಲು ಉಪಯೋಗಿಸದೆ, ಅಲ್ಲೂ ಚಡ್ಡಿಗಳನ್ನು ಸಂತೋಷಪಡಿಸಲು ಎಸ್ ಡಿ ಪಿ ಐ ಯನ್ನು ದೂರುತ್ತಾ ತನ್ನ ನಾಯಿ ಬುದ್ಧಿ ತೋರಿಸಿತು.
Enchinambe? any secret message u sent? plz send it to me through whatsapp if CD doesnt post!
WHERE IS MY REPLY/COMMENT? NO GUTTS TO POST THAT? FEAR OF PEOPLE WILL COME TO KNOW YOUR TRUE COLOUR ? DO YOU WANT TO POST MY MOBILE NUMBER? come on show the journalims ethics now, I dint post anything abnormal things,... post it. Else anyway we have whatsapp to circulate this...
My dear Confused Reader aliyaas Coastal Digest ......Yes he might got such education from certain communal group But what you got from terrorist sangh parivaar? why you are eating shit of RSS Mr. Coastal Digest aliyaas Confused Reader ? You asked whats wrong in yur report? am asking whats right there in your report? Do you know whats journalism ethics? Just making happy and creating some rooms to the political party for which your CDs owner suports ? Shame on you man. Do you know why and how this things are started? One Mr. Ayyub who is attacked by RSS terrorists in first week of January. Sanghis chopped out his 2 legs and 2 hands. But where was your report on that? Did u report it? No, right? After killing Shyam Prasad u reported first report, as a following report u again blamed SDPI by saying its a retaliation attack on 'shyam Prasad !!. After RSS attack on muslim houses were not reported inCD till one Kannada web portal reports it. Later u also reported by blaming again on SDPI !! What you are getting from Sanghis if you are blaming SDPI? Do you think this is the journalism, my foot. Thats not joiurnalism. That called as "PIMP JOURNALISM".... Mind it. Now dont come out one more name of "Confused Reader", come out with original name, Coastal Digest. have some shame
In Kannur Sangh parivar and Left groups have been indulging in bloodshed for decades. Now SDPI also entered the fray. Very bad development. saffron groups will seize the opportunity to attack innocent Muslims.
My dear hurt reader! Is there anything wrong in report? If there is something wrong please point out. The report clearly says that RSS men targeted innocent Muslims after SDPI men killed a ABVPI activist. By the way how can u call entire community manuvadi? I think you have received poisonous education from certain communal groups. Please educate yourself.
Shocked to see such a low level repot on a news portal like coastaldigest.com, of which I was a fan so far. How can you blame SDPI if RSS goons attack innocent Muslim families? I think CD team is full of chaddi sanghis. The contact us page of CD also shows the name of a woman from manuvadi community. Where the CD is heading?
This is too much by safron groups targeting one comunity people
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