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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Fire breaks out in residential building in east Delhi, nine killed
New Delhi (PTI): At least nine people were killed after a fire broke out in a residential building in east Delhi's Vivek Vihar early Sunday, officials said.
The incident was reported around 3.48 am at a four-storey building in Vivek Vihar Phase-I, following which police, fire and disaster management teams rushed to the spot.
According to the police, the blaze engulfed flats on the second, third and fourth floors of the building, prompting a large-scale rescue operation.
The cause of the fire is yet to be ascertained.
"Around 10 to 15 people were rescued from the premises during the firefighting operation. Two of them, who sustained minor injuries, were shifted to the Guru Teg Bahadur Hospital," a senior police officer said.
A total of 12 fire tenders were pressed into service to douse the flames, while teams from the Delhi Disaster Management Authority (DDMA), traffic police and local police assisted in the rescue and evacuation efforts.
Police said the fire was brought under control after several hours.
The identities of the deceased are yet to be ascertained, and efforts are underway to determine the cause of the fire, police said.
Further investigation and proceedings are underway.
