Sunday sees no let up in rush; long queues outside banks, ATMs

Dr Soofi Anwar, Director Academics of University of Stirling RAK, UAE Campus, has achieved the prestigious professional recognition of Senior Fellow of the Higher Education Academy (HEA) UK. He has achieved this milestone through the Stirling Framework for Evidencing Learning and Teaching Enhancement (SFELTE), the Continuing Professional Development Framework (CPD) for learning and teaching at University of Stirling, Scotland, UK. 

He was recognized for this achievement on recently concluded virtual Learning & Teaching Conference-2020 organized by University of Stirling Campus in UK.  He has secured his Ph.D. in Management from University of Azteca, Mexico.

Dr. Soofi Anwar has over 20 years of experience in teaching and academic leadership at higher education level and has worked in leading universities in UAE, Bahrain and India. He was conferred the prestigious Middle East Education Leadership Award, as the Best Professor in Management-2018 in recognition of his academic excellence, exemplary leadership in higher education. Prior to his current role, he has worked on leadership position in Birla Institute of Technology Offshore Campus RAK.

He has completed his MBA from Dept. of Business Administration, Mangalore University in 1999 and his B. Com degree from Canara College Mangaluru.

He has published numerous research papers in management and in the area of teaching and learning in higher education in reputed academic journals and international conferences proceedings. He is a member of editorial board of two leading management journals and engaged in reviewing faculty research publications in the area of management and marketing. 

He is a son of Haji Abdul Khadar Kodijal and Mrs. Mariyamma from Konaje, Mangaluru.

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.