Israeli-UAE group to buy Finablr for $1
This report was first published in indianexpress.com and has been posted here without any alterations or editing. To read the original report, CLICK HERE
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
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Israeli Air Force launches new wave of strikes over 30 sites in Iran: Reports
Tel Aviv: Israeli Air Force has carried out strikes on more than 30 targets across western and central Iran, reported Al Jazeera.
“Dozens of Air Force fighter jets struck, guided by Military Intelligence, and completed just a short while ago another wave of strikes to target the ballistic missile array and air defence systems of the Iranian regime in western and central Iran,” the news network reported, citing a statement from Israel’s military.
The military added that attacks will continue on air defence installations, missile sites, military headquarters, and other “regime targets” in Iran, the report said.
_vb_68.jpeg)