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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, Jan 21: Braving the biting cold, chief minister BS Yediyurappa took time out of his busy schedule to go around Davos on Monday.

Clad in a long coat over a suit, scarf and leather gloves, Yediyurappa, with secretary S Selvakumar in tow, took in the sights of well-laid bylanes, quaint houses and snow-covered pine trees. He also rode a cable car at Persenn.

A cook from Andhra Pradesh, who works at an Indian restaurant in Davos, served the CM shavige uppittu and khara pongal for breakfast. Yediyurappa had chapatis and rice for dinner.

Meanwhile, Karnataka is likely to have a ‘Centre for Internet of Ethical Things’, perhaps, the world’s first, which will seek to ensure ethical practices in trade and businesses, besides addressing issues like misuse of artificial intelligence, a concern that has been bothering business leaders across the globe.

At the World Economic Forum in Davos, Yediyurappa signed an informal agreement with Murat Sonmez, the forum’s managing director, on Monday. "Investors around the globe are worried about unethical practices in business and a centre is the need of the hour," Sonmez was quoted as saying in a press release. "If the Karnataka government is serious about securing investment, it should set up the centre immediately."

Yediyurappa immediately responded to the suggestion by prompting Sonmez to write down an informal agreement on a sheet of paper which both signed. "This centre will go a long way in Karnataka’s history of industrial development," Sonmez was quoted as saying in a release by the Karnataka delegation.

At the inauguration of Karnataka’s pavilion, Yediyurappa promised all support to investors. "We are happy to be here and look forward to engage you on various development agenda," he said adding that he was keen to partner on certain strategic research that can help Karnataka become a major player on the global stage. "With Karnataka emerging as a leading industrial state in India, we can make it a major player on the global stage," he said.

Industries minister Jagadish Shettar, chief secretary TM Vijaya Bhasker and industries secretary Ramana Reddy were also signatories to the informal agreement.

Bengaluru, Apr 12: The Karnataka government is studying in-depth the consequences of the possible relaxation of lockdown norms after April 14 and plans to come out with a clear roadmap in a day or two, a key Minister said on Sunday.

Medical Education Minister K Sudhakar, who is in charge of all matters related to COVID-19, told PTI that the pros and cons of any decision that the Government intends to take is being looked at in detail.

"We are trying to understand how the situation would be of any action that we intend to take. We need to foresee the repercussions or results of our action. That we have to keep it in mind and make a decision. After-effects of the decisions we intend to take, that is more important, he said. You will have clarity (on the possible relaxation of lockdown norms) in a day or two. For everything (government decisions) we will give the reasoning for what action we would like to take; with the reasoning, we will give a decision," the Minister added.

Government sources said some relaxation in liquor sales, stopped during the lock-down period, is likely after the ongoing 21-day national clampdown ends on April 14. Twelve of the state's 30 districts remain free from the COVID-19 pandemic. Till Saturday, Karnataka reported 215 COVID-19 positive cases, including six deaths and 39 discharges.