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
She is the best External Foreign Minister india ever had. Lets pray for her speedy recovery. India need her badly.
Some sarcastic comments by our dignified readers are unwarranted, as an External Affairs Minster she is doing commendable job unlike her predecessor.
We need to learn to appreciate people irrespective of their political affiliation and/or faith. I pray to Almighty to give her good health to serve India and Indians living abroad for many years to come.
Prophet Muhammad pbuh taught us a beautiful DUA to ask with our CREATOR, who Created the heavens & the earth and all that is in between them.
\ O ALLAH, Lord of MANKIND ! Remove our suffering, Heal us as YOU are the HEALER, and None can HEAL but YOU. I beg YOU to bring about healing that leaves behind no Ailment....
Alhamdullillah (Thanks & praise is due to ALLAH) for guiding me on the knowledge that benefits in our LIFE.."
Poor lady..... the Isa visa issue will start haunting her....before that she wants to get herself admitted so that she donot have to face the media and opposition for ANOTHER BLUNDER by her team (first one was Lalit Modi visa)
She is doing a good job as a foreign minister....may God help her to recover speedily ...
oops ...MAY b terrorist attack on her chest...
Wholeheartedly Pray for Early Recovery. Sushma is one of the Best Foreign Minister in India, ever had. And wonderfully she is Human, though she is in BJP!
Let her go to England to get treated when Lalit Modi and Vijay Malia will pay the bill. Vasundra Raji will be her attender.
Why an VIP room of AIIMS is wasted for such unpatriotic people.
She is an able minister and wish to thank for her services to my nation. I do not see her political color but she has worked beyond the narrow confines of political outlook. May God bless her good health.
Hope this capable and very able minister recovers soon. best external affairs minister in india's history.
You are the pride of India madam! Let God give you all the strength !
She hardly does her job as a minister of external affairs since modi is doing all the travelling not giving her a chance to make her mark as mea. She is probably stressed out because of that.
Get well soon mam. Nation needs you!!
Get well soon madam.
Stress of The Job.
Disturbed to hear that EAM Smt @SushmaSwaraj ji has been admitted to AIIMS. Wish her speedy recovery & good health.
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