Banks in the United Arab Emirates (UAE) with exposure to troubled hospital operator NMC Health risk having to make provisions for between 25 per cent to 50 per cent on more than $2 billion of outstanding debt to the company, three UAE banking sources said.
NMC’s shares were suspended two months ago and on Monday the company requested the delisting of its shares from the London Stock Exchange.
The man behind the 6.6billion US$ bank fraud turmoil Dr. B.R. Shetty, founder and former chairman of NMC Health and Finablr currently fled away from UAE and taken shelters in India
Archive Picture (5/1/2016 ) Source Coastal Digest : Shetty, president of UAE Exchange, in the meeting and received “guidance” from Bhagwat. The function took place at Thanthra Vidya Peettham at Aluva near Kochi in Kerala. It is believed that many NRI tycoons in UAE are funding the RSS for many years.
Dr. B.R. Shetty is very close not only to Indian PM Modi but also having deep rooted relation with RSS & its chief Mohan bagavat
Forbes set Dr. B.R. Shetty personal net worth at a whopping $4.2 billion in August 2018.
This month, ADCB, which has the highest exposure among UAE banks to NMC Health, brought charges against five former officials, including ex-board of directors, with Abu Dhabi prosecution.
The 52000 Cr Indian Rupees equivalent financial frauds extend to Finablr as well, Again, the impact is magnified because Finablr is the holding company for UAE Exchange Centre, which is now under UAE Central Bank monitoring and had ceased all remittance activities for weeks now.
There are instances of customers having sent funds as recently as February and which took weeks to be credited. (It is not known as of now whether all these fund transfers have reached their destinations.)
Having fled from UAE Hiding silent for weeks after turmoil now the former chairman opened his mouth sitting in India soil and put the blame on his employees .
Splco with out any edit of words brings below the 6.6 billion financial fraudulent Dr. B.R. Shetty version as he said :
1. The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.
2. The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.
3. The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.
4. The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.
5. The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.
6. The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies.”
Also Read : UAE $6.6 Billion Bank Fraud : Indian Business Billionaire Banks Accounts To Be Frozen Ordered CBUAE
“I intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them ensure that misappropriated or missing funds are returned by the perpetrators to their rightful owners,” said Dr. Shetty.
“The preliminary findings provided by my advisors from my own investigations indicate that serious fraud and wrongdoing appears to have taken place at NMC, Finablr PLC (‘Finablr’), as well as within some of my private companies – and against me personally,” said Dr. Shetty in the statement.
“This fraud also appears to have been undertaken by a small group of current and former executives at these companies.” said Dr. Shetty .
“To see everything that I have strived to build over the past 45 years eroded over the course of a few short months – and mainly due to the misconduct and wrongdoing of people I put so much trust in – saddens me beyond words. It has also left my entire family in a perilous financial position.”said Dr. Shetty
“My advisors and I have shared information and evidence from our findings… with relevant law enforcement and regulatory authorities,” Dr. Shetty said. “We will continue to proactively share this information as this work continues and in order to assist these parties with their own investigations and inquiries.”said Dr. Shetty
“Out of respect for due process and to allow the various UK and UAE authorities and investigations, including my own, to quickly expedite their mandates, I have refrained from making any extensive public statements. This restraint in speaking out has come at great personal cost to me – reputationally and materially said Dr. Shetty .
“However, given my own legal and forensic investigations are now starting to produce some initial findings, and in consideration of some misleading and inaccurate allegations and claims made against me, now is the right time to do so.” said Dr. Shetty in the statement.
Promotional Seminars for Indian PM by Dr.Shetty in UAE held during 2015
This is the first time Dr. Shetty, who has been in India for the last two months and more on a family issue, has issued a statement
Dr. Shetty had stepped down as executive chairman after the then Board of Directors in UAE barred him from attending any meetings.