Israeli-UAE group to buy Finablr for $1
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Troubled UAE-based remittance and foreign exchange firm Finablr Plc, owned by NRI businessman BR Shetty, has decided to sell its operations to Global Fintech Investments Holding AG (GFIH), an affiliate of Prism Group AG of Israel, for $1.
Finablr, having a direct presence in 45 nations through its licensed operations complemented by a network reach spanning 170 countries, commanded a market value of around $2 billion till last year. Prism has formed a consortium with Abu Dhabi’s Royal Strategic Partners (RSP) for the deal.
Shetty-promoted UAE Exchange and its parent firm Finablr — which is listed on the London Stock Exchange (LSE) — controlled a sizeable remittance business involving non-resident Indians (NRIs). In March, the Central Bank of the UAE (CBUAE) had slapped curbs and decided to “oversee the operations management” of UAE Exchange LLC, a remittance and wage protection firm in the Middle East promoted by Shetty. He had moved to Abu Dhabi from India in 1975 and once had a net worth of over $ 3.1 billion.
In April, Finablr found out about $1 billion of debt hidden from its board after a US investment firm alleged that NMC Health inflated cash balances and understated its debt. This scandal pushed Finablr’s sister firm NMC Health Plc — which was at one stage valued at $10 billion on the LSE and was a top healthcare provider in the UAE — into administration.
In an LSE filing, Finablr said, “In return for the transfer of Finablr to GFIH, in addition to the nominal initial consideration of US$ 1 payable, GFIH is providing working capital support to the company to enable it to continue to operate and support various stakeholders, including employees and creditors.”
Courtesy: indianexpress.com
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Case registered over social media posts 'threatening' Kerala CM’s security officer
Thiruvananthapuram (PTI): A case has been registered and a probe launched into social media posts allegedly threatening a member of Chief Minister Pinarayi Vijayan’s security team with consequences once the UDF comes to power, officials said on Sunday.
The Thiruvananthapuram City Cyber Police registered the case based on a complaint filed by Chief Minister’s security staff member Sandeep Sasidharan.
The Congress had earlier alleged that Sandeep and another officer, Anil Kumar, brutally assaulted two Youth Congress-KSU activists including using flower pot when they protested against the Chief Minister during the Navakerala Sadas programme in Alappuzha in 2023.
A subsequent probe was conducted against both officers, and the Crime Branch later gave them a clean chit.
Recently, following the conclusion of the state assembly election on April 9, several social media posts allegedly made by Congress, Youth Congress and KSU activists claimed that revenge would be taken once the LDF government is removed and the UDF comes to power.
Police said cases have been registered against Facebook accounts named Arun Rajendran, Tom Kuriakose, Yaser KP, Sony Panamthanam, Sarath Pillai, KSU Kanjiramkulam, Rahul John C and Youth Congress Battle.
According to the FIR, the complainant’s photograph and name were used in several social media posts threatening him with consequences and containing abusive language.
Police said the social media account holders have been identified and will soon be summoned as part of the investigation.
The case has been registered under Sections 296(b) (uttering obscene words causing public annoyance), 351(2) (criminal intimidation), and 3(5) (acts done by several persons) of the Bharatiya Nyaya Sanhita.
