UAE court issues worldwide freezing order on BR Shetty’s assets

News Network
July 25, 2020

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

UAE Muslim
 - 
Sunday, 26 Jul 2020

give money to RSS now to kill muslim....GOD will turn the table for moran like you BR,...shamed of tulu guy cheated the UAE govennment...not root in hell

ANONYMOUS
 - 
Saturday, 25 Jul 2020

amount should be 8 billion dollar and not 8 million dollar

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News Network
March 3,2020

Bengaluru, Mar 3: Bengaluru mayor Gautam Kumar on Tuesday said that the decision to ban protests in front of Town Hall was made by the council and not only by him.

"The decision to ban the protest in front of the Town Hall was made by the entire council and not only my decision. Also, the things which are approved by the councillor are also read by the ruling party leaders," Bengaluru mayor told media.

"Still it is the discretion of the Commissioner to take a call after the council also. As of now, we have banned any protests in front of Town Hall," he added.

Meanwhile, Congress leaders staged a protest against Bruhat Bengaluru Mahanagara Palike (BBMP) Mayor Gautam Kumar and BJP at Council BBMP building against the decision.

"If people will start protesting, it will badly affect the traffic of the city," said Kumar, while commenting on the protest. If they want to talk about the matter, let us have a healthy discussion. I don't have a problem with and I don't think the ruling party has a problem too," he added.

On Sunday, pro-Kannada activist and former MLA Vatal Nagraj staged a protest in front of Sir KP Puttanna Chetty Town Hall (Bangalore Town Hall) against the decision taken by Bengaluru mayor.

Talking to reporters, Nagraj had said: "He does not know the history of the Town Hall. It is a historic building and protests can be staged there."

"Mayor's decision is against Bengaluru's tradition and culture, that's why we are condemning it and are protesting against this decision. We will not allow Mayor's programs in Bengaluru and he will be shown black flags", he added.

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News Network
July 12,2020

Bosnia, Jul 12: Bosnians commemorated on Saturday the massacre of about 8,000 Muslim men and boys in Srebrenica, marking the 25th anniversary of killings that shocked the world and have stood out as Europe's only atrocity since World War Two constituting genocide.

Nine newly identified victims were buried at a flower-shaped cemetery near the town, where tall white tombstones mark the graves of 6,643 other victims.

"After 25 years we succeeded in finding his mortal remains, so they can be laid to their final rest," said Fikret Pezic, who buried his father Hasan.

The remains of some 1,000 victims of the massacre in the eastern town during Bosnia's 1992-1995 war are still missing.

Ifeta Hasanovic decided to bury incomplete remains of her husband, saying: "We were aware they cannot be complete after 25 years, at least there are some, I did not want to make any new delays."

World leaders addressed the ceremony by video link, unable to attend because of coronavirus epidemic. Instead of the tens of thousands visitors who typically attend the commemoration each year, only a few thousand came after organisers banned organised visits.

During the Bosnian war, Bosnian Serb forces pushed non-Serbs out of territories they sought for their Serb statelet. Fleeing Muslims took shelter in several eastern towns, including Srebrenica, that were designated as United Nations "safe zones".

On July 11, 1995, the Serb forces commanded by General Ratko Mladic overran Srebrenica, which was protected by lightly armed Dutch peacekeepers.

They sent women and children away and captured and executed the men and boys they found. The bodies were dumped into mass graves and later exhumed by U.N. investigators and used as evidence in war crimes trials of Bosnian Serb leaders.

"We grieve with the families that tirelessly seek justice for the 8,000 innocent lives lost, all these years later," said U.S. Secretary of State Mike Pompeo. Washington brokered Bosnia's peace deal months after the massacre.

Most people at the commemoration were Muslim Bosniaks, reflecting conflicting narratives about the bloodshed - which hinders reconciliation nearly 25 years after the end of war in which about 100,000 people were killed.

The U.N. war crimes tribunal for the former Yugoslavia convicted Mladic and his political chief Radovan Karadzic over Srebrenica genocide but they remained heroes for Serbs, many of whom deny that genocide happened.

On Saturday, the Serbs in the nearby town of Bratunac organised an event marking July 11 as the "Srebrenica Liberation Day".

Sefik Dzaferovic, the Bosniak chairman of Bosnia's tripartite presidency, called for legislation that would ban denial of genocide.

"There can be no trust as long as we witness attacks on the truth, denial of genocide and glorification and celebration of executors," Dzaferovic told the commemoration gathering.

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coastaldigest.com news network
May 27,2020

Bengaluru, May 27: A 69-year-old woman from Yadgiri became the 45th COVID-19 related fatality in Karnataka, where 122 fresh cases have been reported, taking the total number of infections in the state to 2,405, the health department said on Wednesday.

With 45 deaths and 762 discharges, there are 1,596 active coronavirus cases in the state, the department said in its mid-day bulletin. It said, the deceased woman, a returnee from Maharashtra was brought dead to designated hospital in Yadgiri on May 20 and tested positive for COVID-19.

Fourteen patients have been discharged in the state so far on Wednesday. Of the 122 new cases, 108 are returnees from neighboring Maharashtra, three from Tamil Nadu, and one each from Uttar Pradesh, Gujarat, Madhya Pradesh, Kerala and Delhi. While two are returnees from foreign countries- one each from UAE and Nepal.

Remaining four cases are contact of patients earlier tested positive.

Among the districts where new cases were reported, Kalaburagi accounted for 28, Yadgiri 16, Hassan 15, Bidar 13, Dakshina Kannada 11, Udupi 9, Bengaluru Urban 6, five each from Uttara Kannada and Raichur, Belagavi 4, Chikkamagaluru 3, two each from Bengaluru Rural and Vijayapura, and one each from Ballari, Mandya and Tumakuru.

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