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
April 2,2020

The current physical distancing guidelines provided by the World Health Organisation (WHO) and by the US Centers for Disease Control and Prevention (CDC) may not be adequate to curb the coronavirus spread, according to a research which says the gas cloud from a cough or sneeze may help virus particles travel up to 8 metres. The research, published in the Journal of the American Medical Association, noted that the the current guidelines issued by the WHO and CDC are based on outdated models from the 1930s of how gas clouds from a cough, sneeze, or exhalation spread.

Study author, MIT associate professor Lydia Bourouiba, warned that droplets of all sizes can travel 23 to 27 feet, or 7-8 metres, carrying the pathogen.

According to Bourouiba, the current guidelines are based on "arbitrary" assumptions of droplet size, "overly simplified", and "may limit the effectiveness of the proposed interventions" against the deadly pandemic.

 She explained that the old guidelines assume droplets to be one of two categories, small or large, taking short-range semi-ballistic trajectories when a person exhales, coughs, or sneezes.

However based on more recent discoveries, the MIT scientist said, sneezes and coughs are made of a puff cloud that carries ambient air, transporting within it clusters of droplets of a wide range of sizes.

Bourouiba warned that this puff cloud, with ambient air entrapped in it, can offer the droplets moisture and warmth that can prevent it from evaporation in the outer environment.

"The locally moist and warm atmosphere within the turbulent gas cloud allows the contained droplets to evade evaporation for much longer than occurs with isolated droplets," she said.

"Under these conditions, the lifetime of a droplet could be considerably extended by a factor of up to 1000, from a fraction of a second to minutes," the researcher explained in the study.

The MIT scientist, who has researched the dynamics of coughs and sneezes for years, added that these droplets settle along the trajectory of a cough or sneeze contaminating surfaces, with their residues staying suspended in the air for hours.

"Even when maximum containment policies were enforced, the rapid international spread of COVID-19 suggests that using arbitrary droplet size cutoffs may not accurately reflect what actually occurs with respiratory emissions, possibly contributing to the ineffectiveness of some procedures used to limit the spread of respiratory disease," Bourouiba wrote in the study

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coastaldigest.com news network
July 9,2020

Jeddah, Jul 9: Karnataka NRI Forum Jeddah, a registered charitable organization under Government of Karnataka & Indian Consulate Jeddah - Saudi Arabia, helping the Kannadigas overseas and in Karnataka state as well, has initiated played its role in helping stranded Kannadigas to travel back to home under Vande Bharath Mission. 

The first flight which was departed to Bengaluru from Jeddah through this mission had 155 passengers. The forum had helped hundreds ofstranded Kannadigas in reaching their destinations with majority passengers were on emergency medical issues and pregnant women.  Still hundreds of Kannadigas are looking ahead for the help to fly back.

Now, the forum has organized two separate charter flights with Spice jet for Mangaluru (IXE)on16TH July 2020 & for Bengaluru (BLR) on18TH July 2020 from Jeddah (JED) airport respectively, with the support of Indian Consulate Jeddah and the Karnataka State Government.

As the huge demands from Kannadigas having very limited seats availability, the passengers (from Karnataka Only) can book and confirm their tickets by submitting their booking data under the link given below. Priority will be given to passengers with critical needs. 

https://forms.gle/BGvFFXoNSxVmrpRh9

Note: The passengers already booked tickets with KARNATAKA NRI FORUM JEDDAH shall not reapply, you will be receiving emails / calls from the Forum shortly.

For further information you can send emails to [email protected] or by calling to below given numbers.

Mohammed Mansoor (President): +966 50459 4752
Shaikh Saoud (Chief Coordinator): +966 55978 3092

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News Network
June 23,2020

Bengaluru, Jun 23: Karnataka Congress leader and Kanakapura MLA DK Shivakumar said on Monday that in the wake of coronavirus pandemic, people of his assembly constituency have taken a unanimous decision of remaining under voluntary lockdown until July 1.

The decision was taken after he headed a meeting at Kanakapura on Sunday, at the office of Kanakapura Municipality.

"Let us consider the situation after July 1, hold a similar meeting, and take the next decision. It has nothing to do with the state government's mandate. It came to the conclusion that this was a decision that we all voluntarily took," said DK Shivakumar.

DK Shivakumar informed that the merchants have agreed to sell groceries, fruits, vegetables, fennel, meat and other food items from 7 a.m. to 11 p.m. only. District authorities, DCs, SPs and hospital representatives have decided the timings of clinics and drug stores.

He further said, "In this self-motivated lockdown, unnecessary driving should be avoided. The social gap must be maintained. No one should be oppressed by anyone."

Member of Parliament DK Suresh, Ravi - Ramanagara District Collector Archana, SP Anoop Shetty, and Kanakapura Planning Authority Chairman Jagannath were also present in the meeting.

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