BR Shetty, the founder of NMC Health and Finablr, claimed that he was “deceived” by the Manghat brothers who gained control over his companies and large amounts of cash. Ravindranath K / The National
BR Shetty, the founder of NMC Health and Finablr, claimed that he was “deceived” by the Manghat brothers who gained control over his companies and large amounts of cash. Ravindranath K / The National
BR Shetty, the founder of NMC Health and Finablr, claimed that he was “deceived” by the Manghat brothers who gained control over his companies and large amounts of cash. Ravindranath K / The National
BR Shetty, the founder of NMC Health and Finablr, claimed that he was “deceived” by the Manghat brothers who gained control over his companies and large amounts of cash. Ravindranath K / The National

BR Shetty plans to return to UAE 'imminently' to support authorities on NMC probe


Fareed Rahman
  • English
  • Arabic

BR Shetty, the founder of NMC Health and Finablr, plans an imminent return to the UAE to help authorities with investigations into his companies.

“I have complete faith in the justice system of the UAE and look forward to the perpetrators of the fraud facing justice,” the founder of NMC Health said in a statement on Saturday.

Mr Shetty said he is returning to the UAE to support “all relevant bodies to correct any injustice done to the companies, their employees, shareholders and other stakeholders and help find solutions to outstanding matters”.

NMC Health was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator.

The company was listed on the London Stock Exchange in 2012 and was valued at £8.58 billion ($11.32bn) at its peak but was put into administration in April after it declared its debts at $6.6bn, materially higher than the $2.1bn previously stated in its accounts.

NMC's biggest lender, ADCB, initiated criminal legal proceedings with the attorney general in Abu Dhabi against Mr Shetty and a number of other individuals. A worldwide freezing order on the businessman's assets has also been issued by the DIFC Courts following a claim filed by Credit Europe Bank.

Mr Shetty said he travelled to India in February to be with his ailing brother who passed away at the end of March.

"While I was in India, our investigations started to unravel details of the fraud in NMC Health, Finablr and some private companies owned by my family,” he said of his own investigation into the alleged fraud at his firms.

"I said at the time that I intended to return to the UAE and, having filed a criminal complaint against the suspected perpetrators of the fraud in India, I am planning my imminent return to the UAE as promised," he said.

The fraud has “regrettably created huge challenges for the companies, causing great hardship for employees, disruptions to suppliers, and losses to shareholders including myself and creditors”.

Last month, Mr Shetty submitted a written complaint to the Indian agencies including the Central Bureau of Investigation, requesting a probe into the alleged embezzlement, corruption and laundering of company funds by his former chief executives Prasanth Manghat and his brother Promoth Manghat.

Mr Shetty also named other individuals and institutions in his complaint seeking criminal action against them, according to the complaint letter seen by The National.

In September, administrators were appointed to handle the UAE operations of NMC Healthcare, five months after its parent company NMC Health was placed into administration in the UK.

The move will allow the company to raise funds and pay the salaries of its employees.

Richard Fleming and Ben Cairns of Alvarez & Marsal were appointed as joint administrators to a group of 36 trading entities in the country following a hearing in the Abu Dhabi Global Markets Courts. The appointment allows for a financial restructuring that will see $325 million in additional funding provided to the businesses. The appointment does not apply to any of NMC Healthcare’s operating businesses outside the UAE.

More than 80 major local, regional and international financial institutions have extended credit to NMC.

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

FIXTURES

Fixtures for Round 15 (all times UAE)

Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Key developments

All times UTC 4

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UAE currency: the story behind the money in your pockets
Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

Pakistan T20 series squad

Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

EXPATS
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lulu%20Wang%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Nicole%20Kidman%2C%20Sarayu%20Blue%2C%20Ji-young%20Yoo%2C%20Brian%20Tee%2C%20Jack%20Huston%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security