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
If it is so, why did'nt she came out when the incident took place.
If she was scared then, how she became bold now?
Such kind of blacksheep are found in all religions.
And if the priest is guilty then he must be punished as per law of the land.
I was just trying to think what kind of punishment we can give to this rapist.....first and foremost thing is his wife has been committed suicide...for that he did not get punishment....now raped this girl....she will have to face the society with baby which will come up in the near future....
best punishment for this crime is \hang him till death\""
Backstabbing the nation is the biggest crime. This is apparently not a rape. This is consensual sex. May be that woman is used as a bait by anti nationals.
Dear Viren , After this also do you think he is nationalist ? To become natiolist they should qualify by this type of test? Acche Din Already as promised!!!
.............ne walon ko parameshwari ma ke temple mein kue bitaya....
Looks like the troll,who tell this as their internal matter is hand in gloves with the priest or the blackmailer....he must be grilled
Ha Ha Ha Ha...This is called Viren Joke...Viren please list the people and the Crime which belong to ur Internal onces.So that no one in future will Comment on them.
One is Cleared RAPE and RAPIST is ur Internal.NEXT....
stone him to death if he is really a rapist
shame on u, dont call him priest please for god sake.
look at his face, by seeing his face only we can make out he s big proud, should enquir him properly. he stolen many gold jewellery from temple.
now a days for personal grudge some people will do like this. please enquiry on to this simply putting accused photo without clarification its against the law :)
Mr. Kotian Saheb, those who are raping women and those who are supporting these rapists are National, and those who are opposing these evil act are anti national.
Never mind we are anti national for those Desh aur dharm drohi's.
Women is our mother and our sisters.
this kind of human should be banned to enter temple. really black dot of society,
this should be stone to death if allegation against him are true.
No Bajarangi is speaking exept Kotian ? It is his internal matter,
Does Kotian will give the unborn chid his name as father ?
every religion priest are same. they do one thing and tell us to do other things. they only not following which s must.
Why people started screaming. This is our internal matter. anti nationals need not to interfere.
Temple Priest again....
Those who are intelligent should understand surely its not a divine place were many priest are caught in such evil acts specailly with girls.. If girls are not active & did not recognize the DIVINE option of COVERING their beauty to strangers... More of such incidents will follow in near future by these evil innocent looking foxes...
Now be careful ladies.... you are asking permission to go all the temples. Never mind you can go but go along with your blood relation men. Duniya Kharaab hain. Even you are not safe in temple or mandir. There are many Swamiji's were in India facing these charges. You know very well.
In 1400 years before Prophet Mohammed guided that any women who wish to go outside (such as market, mosque etc.) to accompany their blood relation men.
Inquisitive to see Comments from Kotians and like minded trolls
WAKE UP guys! Cheddi will twist this reality & U honest hindus will accept it as it is... Please dont support the culprits who are involved in crime of our girls.... Protect the girls which ever religions it is... Stop supporting the CULPRITS who alwz twist the realities.
Never FEAR this people - FEAR only the one who created U & ME. When U fear the one who gave us soul... our fear for CREATION will become WEAK>>>
Shameless People....Throw him out of Country.Ban him from India.This is what we call Intolerance.Being a priest in a reputed and Historic place how could he do such shameless act.Innocent girl should get Justice.
Pitty on his 20 year old Daughter.
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