'NMC board, management should be held accountable'

KT
April 12, 2020

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.

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coastaldigest.com news network
June 10,2020

Mangaluru, June 10: Former minister and Mangaluru MLA U T Khader has hit out at the Karnataka government for what he opined that it is misusing the Epidemic Diseases Act to target opposition parties. 

The statement comes in the backdrop of state government’s move to scuttle oath taking ceremony of KPCC president designate D K Shivakumar.

Asserting that the oath taking will be a grand affair, Mr Khader said that Congress will not be browbeaten by the tactics of the BJP.

Citing the blatant violation of all norms laid down under the Act by minister for health B R Sriramulu at Chitradurga earlier this month, Khader told reporters that the BJP is using the Act for its narrow political gains.

“KPCC has twice deferred swearing in ceremony of Shivakumar after being given the oral go ahead,” Khader claimed, adding the state government must explain to people the issue it has with the Congress organising this function.

Referring to the back-to-back virtual political rallies – one for Bihar and the other for Odisha – on Sunday and Monday that union home minister Amit Shah conducted, Khader wondered if the Act did not apply to the BJP leadership.

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News Network
April 6,2020

Bengaluru, April 6: The total number of positive cases in Karnataka climbed to 163 after 12 more cases were reported, state government officials said on Monday.

Out of the 12 new cases, three of them have a history of travelling to Delhi.

The tally includes four deaths and 18 people have recovered and discharged.

The total number of COVID-19 positive cases in India crossed the 4,000 mark, mounting to 4,067, said Ministry of Health and Family Welfare on Monday.

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coastaldigest.com web desk
July 13,2020

Mangaluru, Jul 13: Air India Express flight brought around 170 passengers from Bahrain to Mangaluru under Vande Bharat Mission yesterday. 

This is the first VBM flight from Bahrain to Mangaluru. The flight took off from Bahrain at 10 am on Sunday and landed at Mangaluru International airport at 4.45 pm. 

Even though thousands of Indian expatriates from other gulf countries were brought to Mangaluru in past few weeks, no flight was arranged from Bahrain so far. Hence, several Mangalureans including senior citizens, women and patients were stranded in Bahrain for months together.

Local entrepreneur and president of Indian Overseas Congress (IOC) Mohammed Mansoor, who saw the plight of the hapless Indian expatriates in Bahrain had discussions with the Indian embassy in Bahrain and convinced it to arrange a special Air India Express flight under the Vande Bharat Mission. 

IOC, along with the cooperation of ‘KHK Heroes’ had arranged meal kits for passengers during their flight to Mangaluru. IOC had also contacted all the Mangaluru-based NRIs who wanted to fly back to India and made a list with the help of Indian embassy to avoid any untoward incidents.

IOC had also given details of hotels to be quarantined in Mangaluru and Udupi, names of nodal officers to be contacted and emergency telephone numbers. The passengers were given a warm farewell by the office bearers of IOC from Bahrain international airport.

The effort taken by Mohammed Mansoor, president of IOC is lauded by all. All the passengers who travelled by the flight have thanked IOC and its office bearers whole heartedly.

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