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
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)
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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; C 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
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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
