Dammam-Mangaluru first direct repatriation flight under VBM on June 21

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.

New Delhi, Feb 28: They could hear shots being fired, sense smell of property and vehicles being burnt and feel the stones being pelted. Despite the mayhem that unfolded just a few steps away from their doorsteps, many Muslim households did not feel unsafe due to their Hindu neighbours during the violence in Delhi earlier this week.

Tarannum, a resident of Chand Bagh, said she cannot thank her neighbour Nem Singh enough for saving 15 members of her family that fateful night of February 25. Singh, an auto-rickshaw driver, lives right across her house.

"I could hear the thumping on the door. Our neighbour came to rescue us and assured us that no harm would come to our family, " said Tarannum who lives in lane number 7.

"We thought khayamat has come. Our kids too got scared. Those indulging in rioting are just terrorists. Hindu brothers gave us shelter and saved us. How should I say that they are Hindus or Muslims? When we were under attack, these Hindu brothers provided us safety. We should not fight, " said Tarannum while recounting the horror.

She said a mob has no face, no religion. "I want to tell everyone mob has no name, no religion. Kaun sa pathar kisne mara kisko laga pata hai kya? Pathar ne mazhab dekha kya? (Which stone was thrown by whom, who was hit, does anyone know. Stone does not have a religion," she said.

Singh said he could not bear the wailings of his neighbour's kids.

"Dar to tha par apni gali mein kisi ko pareshan nahi hone dena tha. (I too was afraid but I could not have let them hurt my neighbours)," said Singh when asked if he could have also been attacked for giving shelter to Tarannum family.

"I told them that the rioters will have to go through us first. We all were equally scared," recalled Singh.

Jameel, another local resident, said that his Hindu neighbours were even ready to sacrifice their lives to save him from the ruthless terrorists hired by pro-CAA politicians to unleash violence against Muslims.

Words Jihad and Jihadi have been in abundant use for the negative purposes from last two decades in particular. They have been closleyl linked to the word terrorism and violence, done by section of Muslims here and there. This global use of word is particularly a post 9/11 phenomenon. Just to recapitulate after the WTC was hit by two aeroplanes; the building sunk leading the death of nearly three thousand innocent people. The victims belonged to most countries and religions. In the aftermath; Osama bin Laden called it Jihad. American media coined the word Islamic terrorism since then. Most of the acts indulged in by Muslim terror groups have been labelled under this title. This; irrespective of the fact that many an Islamic Scholars, many a Muslim clerics like Maulanas of Deoband and Barelvi, stating that Islam does not approve of violence against innocent people. The words have stuck.

This has also beoame one more weapon in the hands of communal sectarian elements. Apart from the mainstream media social media has been delving this with gay abandon using these words in a derogatory way. The lap media also called Godi media, which is an important part of the opinion making against Muslims has been using it day in and day out.

Recently (March 11, 2020), Mr. Sudhir Chaudhary, the Editor-in-Chief of Zee channel in a show went on to the limits of this misrepresentation by showing a chart and classifying Jihad into various categories, Love, Jihad, Land Jihad and latest in series being Corona Jihad in the wake of Tablighi Jamaat event. Mr Chowdhary concluded that all these types of Jihad are being done to weaken India. Surely, these types of programs have been increasing and intensifying Hate against Muslims and Jihad.

Unlike most of the times, this time around a complaint was filed against the said editor, a FIR was filed and lo and behold the editor’s tune changed.  In the next program he talked respectfully about the word Jihad! The tone and tenor changed. Was it a late realization or the fear of facing criminal action which made him change the tune, he alone should know, but that’s another chapter to the story?

As such jihad is by and large used as synonym for violence, terrorism. This is very much contrary to the its use in Koran.. Islamic scholar Asghar Ali Engineer argues that its use in Koran is multilayered. It stands for ‘utmost striving’ and has nothing to do with violence against innocents. As per him the concept of Jihad is far above violence. Those indulging in power games have used it as a cover for expanding power and called it as Holy War. This is very similar to the use of word Crusade by Christian Kings and Dharm Yudh by Hindu kings.

A deeper and more rational study of Koran and Hadith bring forth the real meaning of the term. Sufi’s who were away from the power struggle and focussed on spiritual aspects of religion like Bhakti Saints or liberation theologians, unfolded the deeper meaning of the term. Engineer points out that “it is for this reason that they describe war as jihad-e-Asghar and jihad to control one’s greed and selfish desires as jihad-e-Akbar (Great jihad)” (On Multi Layered Concept of Jihad, in A Modern Approach to Islam, Dharmaram , Page 26, 2003, Bangalore)

The reference to Jihad comes in Koran over 40 times, mostly referring to Jihad-e-Akbar, striving to overcome personal greed and selfishness. The real transformation of the word Jihad in popular perceptions and Chaudhary is the extreme example of that, takes place during the training of Mujahideen in the few specially set up Madarssas in Pakistan. This was initiated and coordinated by America in the decade of 1980s, when the Russian Army occupied Afghanistan. That was the time American forces were totally demoralised due to their humiliating defeat in Vietnam, at the hands of Vietnamese people.

To confront the Russian army, US planned to join the anti Russian forces. For this with the help of extremist Salafi version of Islam, they promoted the radical tendencies within a section of Muslims. The brain washing of the Asian Muslim youth as Mujahedeen to Taliban took place in few Pakistani Madrassas, totally funded by America. For this funding opium trade was also put into operation. The brainwashing module designed in Washington incorporated many components which also distorted the concept of Kafir, and created Hate against communists. Communists were labelled as Kafirs (Non believers) and so killing them was presented as Jihad. Getting killed while doing such an act was to be rewarded with entry pass to Jannat with 72 virgins waiting for those embracing this path.

America further went on to promote Taliban and Al Qaeda, which joined anti Russian forces, leading to defeat of Russian forces. Mahmood Mamdani in his book ‘Good Muslim Bad Muslim’ makes an inference based on CIA documents that America invested 8 thousand million dollars and also supplied seven tonnes of armaments, including the most sophisticate missiles to these forces. One also recalls the Al Qaeda leaders’ visit to US, White house. In the Press meet the then US President Ronald Regan, introduced them as being the equivalents of founding fathers of United States as they are fighting against the evil of communism.

Now of course the situation has taken its own turn and nearly three decades after their inception the same elements, later followed by ISIS and IS acted like Frankenstein’s monsters, killing Muslims in large numbers. It is estimated that over 70000 Pakistanis have been killed due to the action of these groups, who were propped up and nurtured by US to enhance its control over the oil wells of West Asia.

The likes Sudhir Choudhary can merrily propagate the Hate using the term Jihad. That such elements can also be partly controlled through the process of law is a part of great learning after the FIR filed against him. One hopes that such hate filled programs will come to a halt once we combat them ideologically and after resorting to the provisions of Indian Constitution.