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.
Comments
mande ijjandina marler naklu.... this cows issue came into highlights sine last 10-12 years, where were this RSS chaddis before that.... they dont have problem with eating cow, this people using cow as political issue for their personal gain....
If the cow is god y dont cow punish thm who done this
if we say in simple word if anyone brith and death he is not god and in this world no there who dont hve death everyone hve to face the death how come they are god even simple logic this ppl cant understand
Legalize beef everything is gonna right. Dakshina kannada and udipi police dpt. fit for perform duty as gowrakshak. Police from Goa and other states ruled by bjp are deprived from this opportunity.
It happens only in India......
In Europe, America, China, Japan, par Eastern countries.....millions of them used for lunch and dinner....don't you think they too are Gods for you....why don't you go and protest in front of United Nation to enact a law to stop it.....it require a lot of guts which you don't have it and all balls too....
India will not develop, it will remain like this forever....small thinking mind and heart....
Believe me it is not a fucking God at all.....
brutal assaults required on cattle thieves.
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