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 was surprised with these people who run educational institutions since long, and the management not understand the rights of Muslims women, that is also simple wearing scarf as it is a moral and religious rightrs of muslim women,and girls, it covers the chastity and aura of a girl ,a mother , and as well all women, but why these nuns are discriminating with muslim community only, by the way why they cannot work without their scrafs inside school or college, Every muslim women is a spiritually religious to wear scraf or cover the chastity with the scarf ..complare to few nuns only wear scarfs since it is their religious rights.
I am asking the management of college to settle the matter peacefully .
No one is abusing her, but for the decision what she has taken is just showing her personality whether she is a angel or simply a common woman who is making a religious chaos between two Community. Respect each others community is what we learn from from Masjid and Church. But here this is going some other way.need to stop before the situation is worsened
I request all the muslim students to wear the same dress what the madam is wearing - problem solved..
Angle......... my foot!!!...if man can become angle then i would have been the first...
Shocked to read brainless comments from Muslims. Muslims cannot build an institution like St Agnes College in Mangalore. But they talk about their rights in Christian and Hindu managed colleges. What a tragedy. May Allah grant good sense to Muslims so that they realize their foolishness.
Never expected such a drity mind set opinion form a religious preacher. She can wear full hijab and Muslim students not permitted. It is well clear to understand what time of human being she is and what is her intention.
Check her passport how many times she visited isreal
Dear Management
When you are implementing any rule's, it should be such that you should be following it. If your principal herself is wearing then how ethical is that to stop the students wearing it.
Hijab is for to cover the modesty and not for exposing.!! Please respect each others propsective.
Sr Dr M Jeswina AC is not a divine woman. She is an angel. Those who mock her must be extremists or anti-social elements.
One more Threat for Indian Democracy by the Principal of St. Agnes College Mangalore, Sr Dr M Jeswina AC.
If the Principal can wear the Scarf, then why Shouldn’t the Students.
Again why its Double standard and what is the Method behind this policy.
Common, once again we all indian’s should BIGOT this policy of St Agnes College Mangalore.
i donno hu ur. but i felt ur comment on the issue of head scarf as funny. as hijab for men and women is farl or compulsory den u need to follow it. to be a citizen of a country u must follow the rules of that country. similarly if u want to be a muslim u need to follow the rules of islam. otherwise u r not called one.u can say that islam is in heart need not show in hijab. when imaan is in heart then definitly hijab will be der otherwise u need to check ur imaan not alter the rules of islam.
Principal Mam can wear fully covered headscarf. But students (muslim) can't...
Dear All
this is the height of hypochracy ..... she herself opt for it , and say you dont wear it ???// in Quran its mentioned ..''Do not preach unless you follow it ''
Dear Sister Dr. Jeswina
How can You prevent and take this decision being in a headscarf? Interestingly you preach this and practice proudly and roam around the world wearing such dress code which you and your institutions are opposing other community. May I ask you on behalf of society with all due respect to your valuable service to the education, what kind of justification you are putting forward to media and seeing students attend classes ignoring their constitutional demand. Dear Sister, will you implement and make it mandatory same rules for students who are wearing a similar dress which you are into? If not this approach will be called communalism or fascism (Sorry for using such words).
Dear Principal, Institutions are not at all allowed to restrict a students religious practice at any place inside the campus. In front of the constitution your college rules will fall down and your college rules should be modified. Look at the hypocrisy you are playing with the students. You will enter the class with your scarf on. And you want a particular community student to remove it? What kind of justice it is.No education institutions are even allowed to impose uniform system for students. We condemn your act. Just don't drag this issue more, please behave mature
Catholic run schools and colleges always do like this.
I am not sure whether there is male teacher in this college, if yes, then the women have right to observe hijab inside the classroom as well. No rules is bigger than the personal right guaranteed to individuals living in India. If this principal mam have right to observe her personal hijab inside her cabin, then Muslim women also should be given their rights.
easy solution, let Muslim students accepts the principal madam dress code, in this matter, let it teacher will be role model for students, accept it
dear college management and student,
as soon as i saw people discussing and sharing the views regarding the ban of women scarf in the college auditorium, i too wants to share some views and ideas related to this. as far as college rules and regulation is concern ban of scarf is acceptable. but if we follow the rules and regulation of my lord it is unacceptable.
student should first contact pricipal regarding whatever issues they. and it the liability of the management to solve the issue in favour of the student because whatever issue they are raising it is the issue to uplift the women rather degrading. hoping the maangemnt to solve the issue in favour of student.
In Islam, men have an obligation to God and to women to observe hijab. I imagine a conversation between someone teaching the Quran and a guy as follows:
Teacher: Don’t stare at women.
Guy: But she’s wearing revealing clothing!
Teacher: Why are you staring? Stop.
Guy: But it’s revealing.
Teacher: Why-are-you-staring?
Guy: Uh…
It’s that simple.
If a guy chooses to accept Islam, Islam says he must observe hijab. The Prophet Muhammad’s directives further affirm this view. He admonished men, “Be chaste yourselves, and women will be chaste as well,” again putting the primary burden of hijab on men.
This point was again illustrated when the Prophet rode with his companion Al Fadl bin Abbas. A woman described as strikingly beautiful approached the Prophet to seek his guidance on some religious matters. Al Fadl began to stare at her because of her beauty.
Noting this, the Prophet Muhammad did not scold the woman for dressing immodestly or revealing her beauty. Instead, he “reached his hand backwards, catching Al Fadl’s chin, and turned his face to the other side so that he would not gaze at her”. Thus, the Prophet Muhammad once more established that the primary burden to observe hijab rests on men.
Ughhhhh. Individual choice yes. But college has certain rules. You don't want to follow the rules, you don't join that particular college. Also, Islam is a very beautiful religion. Let's not make it all about the Hijab.
All students (irrespective of religion) should obey collage or school rule.
missionary school management are allowing sisters to wear their dress similar to Principal dress but they are restricted to hijab.
There is no comparison between student and principle..
Rules are only followed by the students.
Prici mam… whatever u are wearing is a perfect Hijab in Islam. Kindly allow Muslim girls also to wear the same in classroom.
Hahahahhah.. what a pic!!!! She can wear headscarf but Muslim students can’t wear!!!
Add new comment