UAE: Modern Pharmaceutical, Thumbay Pharmacies sign "Groundbreaking" agreement
Modern Pharmaceutical LLC (MPC) and Thumbay Pharmacies of the Thumbay Group, in a joint press release announced an agreement that will authorise MPC to take over the management of all operations of Thumbay Pharmacies.
The two companies described the deal as "Groundbreaking and Market Changing Agreements" in UAE.
MPC is a leading healthcare distributor with a successful track record of more than 50 year of market presence representing top global players in pharma, health and consumer care.
Thumbay Group on the other hand is a diversified business conglomerate with operations across 20 sectors, including hospitals, clinics, and pharmacies in UAE and India.
"Two major players in the healthcare sector have agreed to join forces in the pharmacy business authorising MPC to take full operational control of all Thumbay Pharmacies with immediate effect," the press statement stated.
"Thumbay's vision 2021 was to put a stronger focus on the running of its hospital operations, while MPC had a concept offering to run operations for pharmacies as a one-stop-service. Under the innovative agreements, Thumbay will transfer the management and financial governance of its pharmacy estate to MPC’s Patient & Customer Division. Thumbay and MPC will then work together to provide an integrated approach to healthcare provision for Thumbay’s pharmacy customers in hospitals and community settings," it added.
"MPC's concept empowers healthcare organizations to focus on their core business while utilizing MPC’s service excellence, network, systems capabilities, and leadership support to manage and enhance their pharmacy operations benefiting also from MPC’s market presence. “Make medicine and healthcare services more accessible” the same vision and similar corporate values shared by MPC & Thumbay have been a great foundation to frame and seal the partnership. Thumbay pharmacies will be benefiting from MPC’s operational excellence, system applications, partner portfolio, logistics, product security, compliance & marketing to provide the best possible services to patients and pharmacy customers in the UAE. MPC under a fixed term management contract, will take over the entire operational control of all pharmacies while the ownership of the Pharmacy estate will remain with Thumbay Group," it further added.
About MPC:
A part of Albatha Holding, MPC Modern Pharmaceutical Company (LLC) was founded with one primary aim - becoming the leading healthcare distributor in the UAE. Hence, the organization invested in the best physical and digital infrastructure, automation, logistics, and people to guarantee all partners and customers the most advanced facilities and services possible. Over the last decades, the initial vision has become a successful UAE story. MPC is leading the market as the strongest healthcare distributor, providing pharmaceutical, medical, and healthcare products to more than 2,500 pharmacies, hospitals, institutions, retailers, and wholesalers representing global market leaders in the UAE. www.mpchealthcare.com / www.albatha.com
About Thumbay Pharmacies:
Thumbay Pharmacy is a well-known and trusted brand in retail pharmacy services within the UAE and part of Thumbay Group, a UAE-based diversified business conglomerate with operations across 20 sectors. The organization grew to be a well-established healthcare business with thousands of satisfied customers served by its team of committed healthcare professionals. Thumbay Pharmacies always aim to serve as a one-stop solution for all queries on medicines & associated products both in terms of availability and advice. www.thumbaypharmacy.com / www.thumbay.com
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ED arrests Sandeepa Virk, 'cosmetologist' for alleged money laundering
New Delhi, Aug 13 (PTI): The Enforcement Directorate said on Wednesday it has arrested a woman, who claims to be an actor and a cosmetologist, under the anti-money laundering law in a case of alleged fraud and misrepresentation.
The agency said the purported links of the woman, Sandeepa Virk, with a Reliance Group executive, Angarai Natarajan Sethuraman (President, Corporate Affairs), are also under its scanner. Sethuraman, in a statement, denied any connection with Virk or any transactions related to her.
Virk was taken into custody under the Prevention of Money Laundering Act (PMLA) on Tuesday after searches were conducted against her and her associates in Delhi and Mumbai over the last two days.
A special court sent her to the ED's custody till August 14, the agency said. The woman claims to be the owner of a skin care products selling website named hyboocare.com, which the ED claimed was a "front" for money laundering.
She and her associates are being probed for allegedly exerting undue influence through "misrepresentation" and "defrauding" individuals by soliciting money under false pretences.
According to an Instagram ID of Virk, she is an actor and entrepreneur and the founder of the said website.
The federal agency said in a statement that the woman was also "in touch with" Sethuraman, former director of erstwhile Reliance Capital Limited.
She was communicating with him regarding "illegal liaisoning", the ED claimed, adding that the searches at Sethuraman's residence "confirmed" these allegations.
"Besides, diversion of funds for personal benefit has also been unearthed during the course of the search action," it said.
The ED alleged that public money worth about Rs 18 crore belonging to Reliance Commercial Finance Limited (RCFL) was disbursed to Sethuraman in 2018 by "flouting" prudent lending norms.
The funds were lent under terms that allowed a deferment of the principal amount as well as the interest, with multiple waivers granted and no due diligence conducted, it said.
The ED claimed that besides this, a home loan of Rs 22 crore was provided by Reliance Capital Limited by "violating" the prudential norms. "A large part of these loans are seen to have been eventually siphoned off and remained unpaid," it alleged.
Sethuraman, in a statement, dismissed the allegations as "baseless". He denied any connection with Virk or any transactions related to her.
Detailing about Virk's web portal, the agency said it purportedly sold FDA-approved beauty products. However, the ED said the products listed on the website have been found to be non-existent and the portal lacks a user registration option and is plagued by persistent payment gateway issues.
A scrutiny of the website uncovered minimal social-media engagement, an inactive WhatsApp contact number and an absence of transparent organisational details, all of which reinforce the finding of "non-genuine" commercial activity, the ED claimed.
"These factors, including limited product range, inflated pricing, false claims of FDA approval and technical inconsistencies, indicate that the website serves as a front for laundering funds," it said.
Another social media-hosted bio data of the woman said she is a certified cosmetologist.
The ED said several "incriminating" documents were seized during the searches and the statement of a man named Farrukh Ali, stated to be an associate of Virk, was recorded.
The money-laundering case stems from an FIR lodged by the Punjab Police.
Sethuraman said that the home loan he received from Reliance Capital was granted following due process and was secured by the property offered as collateral.
