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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South African police arrest suspect in mass shooting that killed 12, including 3 children
Johannesburg (AP): A 32-year-old suspect has been arrested in connection with a mass shooting which claimed the lives of 12 people including three children at an unlicensed pub earlier this month, South African police said on Monday.
The man is suspected of being one of the three people who opened fire on patrons in a pub at Saulsville township, west of South Africa's capital Pretoria, killing 12 people including three children aged 3, 12 and 16.
At least 13 people were also injured during the attack, whose motive remains unknown.
According to the police, the suspect was arrested on Sunday while traveling to Botlokwa in Limpopo province, more than 340 km from where the mass shooting took place on Dec 6.
An unlicensed firearm believed to have been used during the attack was recovered from the suspect's vehicle.
“The 32-year-old suspect was intercepted by Limpopo Tracking Team on the R101 Road in Westenburg precinct. During the arrest, the team recovered an unlicensed firearm, a hand gun, believed to have been used in the commission of the multiple murders. The firearm will be taken to the Forensic Science Laboratory for ballistic analysis,” police said in statement.
The suspect was arrested on the same day that another mass shooting at a pub took place in the Bekkersdal township, west of Johannesburg, in which nine people were killed and 10 wounded when unknown gunmen opened fire on patrons.
Police have since launched a search for the suspects.
South Africa has one of the highest homicide rates in the world and recorded more than 26,000 homicides in 2024 — an average of more than 70 a day. Firearms are by far the leading cause of death in homicides.
The country of 62 million people has relatively strict gun ownership laws, but many killings are committed with illegal guns, according to authorities.
According to police, mass shootings at unlicensed bars are becoming a serious problem. Police shut down more than 11,000 illegal taverns between April and September this year and arrested more than 18,000 people for involvement in illegal liquor sales.
