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.
The book written by one of the founders of the Rashtriya Swayamsevak Sangh in 1946 is now being re-issued by a Mumbai-based right-wing trust.
Comments
I'm a Christian Anglo-Saxon, and I find the idea of this book to be wonderful. For me, it is beautiful to envision Jesus kneeling down to worship Lord Shiva. It is not disrespectful to Jesus at all to believe this - it shows that he was a reverent and faithful believer. As a Christian, I can understand why the people who wrote the Bible might have wanted to cover up certain aspects of Jesus's life. I love the idea of Jesus and his followers uniting with the Indian people in a shared religious heritage.
its not fully acceptable but some of them are true in that book
To increase bjp vote banks they are trying to include Christians under their belt. Like they says jains, , buddist and sikhs are the part of Hindu religion. Which is totally wrong. No jains , budhist, Sikhs, worships Hindu gods.
Writer used to write stories for ram gopal verma. After the flop of RGV sholay remake version of Aag, writer lost his job and published books on jesus to earn money for his livelihood.
thank god he dint say bible was written by waalmiki.
If Savarkar's brother's thinking was so skewed, just imagine how skewed was Savarkar's thinking??? Bade mian tho bade mian, chotay mian subhanallah!!
Dear BABARAO
Kindly give your Script to Sanjay Lila Bansali (SLB).so that he can Make a Comedy Film base on your Script.We will recommend SLB to introduce Subramania Swami as the HERO of this Movie.
Stop playing with the feeling of Christian And Muslim Who respect Jesus Christ.It wont suite for your (RSS) Stupid Idiology.I thought some one will be there among you will certain amount of So called Common sense But where ???? All Same.
GROW UP DUDE
Yes, this is correct. Everyone in the world are Hindus as Hinduis is the only true religion. All the countries around the world were ruled by Hindu kings. white house was vishnu temple, israel knesste was Ram Mandir, Vatican was sita mandir, Bejing was capital of Shiva, tokyo was rest room of Lakshmi, Australia was ruled over by vishnu, Africa was governed by Krishna. Veer Sarkar fore father was ambassador of all the gods and he was travelling in the air without plane.
Really it was good joke... cant stop laughing...he should be awarded with Nobel Prize.... God Bless him ...
Bullet train 2000 KMH
Please don't release that book and cause one more imbalance in the community.Tired of seeing killing people in the name of 'GOD' - GOD is just a Invisible Power, nothing else other than this ,we have given him different forms and name and to relieve our mind from stress and to share thoughts n desire we created a god.Once you purge something from mind you will feel relieved.
#NoWarKnowPeace
we are in the Lent season only i can say is
\Father, forgive them, for they do not know what they are doing\""
all the jokes in book is good and the best one is Jesus was Tamilian and his complexion was dark.....OHH brothers jesus was very fair and lovely prophet of islam.
why all chaddi leaders at last becomes mad ?
ha......ha....
Tomorrow he will say Washington was a hindu land and White house was Shiva temple.....and Obama was a Tamil Brahmin....
Please book a seat for him in Kankanady..........ha...ha...
Whatever, ultimately he proved that Brahmins were Non veg eaters, especially beef & pork. And even they can consume alcohol.
Now Subramanya swamy may link his family tree to Jesus christ.
BED TIME STORIES......
loughing of the day from RSS yeak yeak yeak
The RSS creatures spreading their wings to the community of Christians and provoking them. These unknown writers RSS have free time for frictions and fabricate. Earlier they were targeting Tajmahal as Tej Mahal, built by RSS king Tej singh. Kutub Minar built by their RSS king Shaktisena so on. And they are spreading romours that the black stone at Haram, Makkah, as Shiva Linga etc.
They have plans to rewrite the history of India for their needs, in many schools run by them are teaching hate history of India, that's the reason they are in collusion with HRD ministry do innovations.
Damm it RSS.
HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA........
Help I can't stop, I think i will go to hospital, My stomach is getting pain.
HAA HAA HAA............................................HAA HAA
This book is the ultimate proof irreparable idiocy/ stupidity of RSS.
Secondly, how the publishers and printers printed it ?
This community will never improve nor succeed, they continue battling until their stupid community remain at large.
We all respect many Hindus, most of them are indeed good.
but this disproportionate venomous creatures spoiling names of good Hindus.
Indeed Hinduism has become a culture, not a religion.
Jusus Peace be upon him was Jewish, he was born in Palestine,
He has no relation whatsoever with man made religion the Hinduism. He was not Tamil, nor Brahmin,
He was miraculously born without father to his mother the Maryam may God be pleased with all of these. He was against wrong belief of plural God. Hinduism has highest number of Gods than its followers. Where as worshipping plural God is totally against true religions of God like Islam and Christianity.
bm3qd
Jesus is one of the mightiest Prophets sent by ALLAH to the face of the earth. If any Muslim does not believe in Jesus pbuh then he is not a MUSLIM.
QURAN explain on all prophetS of God:
Say (O Muslim) \We believe in ALLAH and that which has been sent down to us and that which has been sent down to Abraham, Ismail, Ishaque, Jacob, and to Al-Asbat and that which has been given to Moses and JESUS and that which has been given to the prophets from their LORD. We make no DISTINCTION between any of them and to him we have Submitted (in ISLAM) (Quran - chapter 2 : 136)
The devils which is also a creation of ALLAH will try to claim thru LIES and DECEPTION... But ALLAH says never fear the devils and seek help from HIM. Devils are smart in LIES and Cheddis are following his agenda. which will take them together to HELL which will be eternal...
Those who support such ideology of destruction should learn about ALLAH and his creation the Shaitan from the jinns who has been FOOLING people who are far from the TRUTH>"
RSS PLEASE GIVE US BASE FOR HINDU RELIGION .,...
Hahahaha...many more things to come till Modi in throne, my dear christian brothers don't get exited. All nuts and bolts of sanghis are removed...HAHHAHHAAH
Hellow Christian bhai Wake up and Answer them...........................
how u came to know now. good u came from rss university?
Jesus is not a GOD not Hindu but He is Messenger of Allah
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