NMC founder B.R. Shetty to make 'imminent' return to UAE, clear name in $4b plus corporate scandal
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Dubai: Dr. B.R. Shetty, founder of NMC Healthcare and UAE Exchange Centre, has again confirmed an “imminent” return to the UAE. if this is the case, this will be a significant breakthrough in the NMC Healthcare corporate scandal that broke late last year and which later showed more than $4 billion in bank loans going missing.
Shetty, who founded NMC in 1975, had been outside of the UAE since February, and in the subsequent months was subject to multiple legal actions initiated by creditor banks. Court orders issued in Dubai and in India have placed strictures on the sale of his assets.
“I had travelled to India in February to be with my ailing brother who passed away at the end of March,” said Shetty in a statement issued to the media. This was “just as the pandemic spread [and] disrupting international travel.
“While I was in India, our investigations started to unravel details of the fraud in NMC Health, Finablr and some private companies owned by my family.
"I said at the time that I intended to return to the UAE and - having filed a criminal complaint against the suspected perpetrators of the fraud in India - I am planning my imminent return to the UAE as promised. I intend to support the UAE authorities and all relevant bodies to correct any injustice done to the companies, their employees, shareholders and other stakeholders and help find solutions to outstanding matters."
Blames senior executives
All through these months, Shetty had professed no knowledge of how the billions of dollars went missing. He initiated a personal investigation into the company’s affairs and, based on the findings, pointed the finger of accusation against senior officials of the previous management, including the then CEO Prasanth Manghat and his brother Promoth Manghat (who was the CEO of Finablr, the parent company of UAE Exchange Centre).
Both NMC and UAE Exchange were listed on London Stock Exchange, in 2012 and 2019, respectively.
In a recent update they gave to bankers and other creditors, the administrators – from the specialist consultancy Alvarez & Marsal – said: “We have set target dates for all the relevant steps to complete the formulation of strategy and preparation of claims arising from the investigation in order to seek redress from those parties connected to the fraud.”
It is now believed that some in the previous management is "helping" with the investigation, according to bankers. However this has not been officially confirmed.
No question of fleeing
In the statement, Shetty made the point that his intent was always to return to the UAE and clear up the mess he finds himself in.
“Reports that I had fled the country couldn’t be further from the truth,” Shetty added. “The fraud has regrettably caused huge challenges for the companies, great hardship for employees, disruption to supplies and losses to shareholders and creditors.
“I would like to thank the UAE Government, creditors, administrators and employees for keeping the operations of the company alive during the pandemic.
“I have complete faith in the justice system of the UAE and look forward to the perpetrators of the fraud facing justice.”
Shetty is yet to give a clear date on when the “imminent” arrival might be. Informed sources thought it could be as early as this week itself. That, however, remains to be seen.
The other company he founded, Finablr/UAE Exchange Centre, is now looking at a possible sale, with Israel’s Prism Advance Solutions as the suitor.
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Tell US President Donald Trump to stop West Asia conflict: Owaisi to PM Modi
Hyderabad (PTI): AIMIM president Asaduddin Owaisi on Friday called on Prime Minister Narendra Modi to "break his silence" on the conflict in West Asia and ask US President Donald Trump to end the war.
Addressing a gathering here, he also asked the PM to provide a full account of the sinking of an Iranian ship, IRIS Dena, off Sri Lanka by a US military submarine two days ago.
Taking strong exception to US Treasury Secretary Scott Bessent's recent announcement regarding Indian oil imports, he said the BJP-RSS should give a strong response to the American official and assert that India would purchase oil according to its own will.
He accused the BJP-RSS combine of being "scared" of US President Donald Trump.
"This war should end. Prime Minister should break his silence. Take the phone and tell Trump to stop this tamasha. They (US) are not suffering any losses. Our citizens are suffering. Who is dying there? Indians are dying. You maintained silence over Gaza," he said.
Owaisi dismissed the argument that the Iranian vessel sank outside the Indian waters, saying it is important to realise that it occurred close to India.
"If a Chinese ship comes close to our nation, what would you do? You say that it was not in Indian waters. Water does not have borders. You see how close the enemy has come. It is the Constitutional responsibility of the Prime Minister to tell the country what happened. We are with America in Quad," he said.
Pointing to India's strategic agreements with the US, the AIMIM leader said the Iranian frigate had visited Visakhapatnam at the invitation of India, while America had refused to participate in the naval exercise there.
Highlighting that one crore Indian citizens work in the Gulf region, a widening war lead to job losses for Indian diaspora.
He alleged that Israel aims to create a 'Greater Israel', encompassing much of the Arab region.
"The evil eye of these oppressors extends up to the holy city of Madinah."
Responding to US Treasury Secretary's comments that America is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil, Owaisi wondered if India truly is a sovereign country.
"Have you mortagaged India before US. Speak out BJP-RSS people. A (US)minister says you purchase for a month. Is this what we have secured freedom from the English that a white-skinned person says you purchase for a month ? But, they will not speak. They are scared of Trump," he said.
Quoting America's trade minister as saying that the US would not let India emerge like China, the AIMIM leader asked whether "India is a slave of America?"
He further questioned, "What is America's role in the progress of India?"
"BJP and RSS people are terrified of speaking against the white-skinned officials," he alleged.
He also hit out at the Centre for allegedly providing funds to a right-wing organisation to hold an event.
The organisation has openly favoured making India a 'Hindu Rashtra', "converting the religion of Muslims and throwing away 25 crore people," he alleged.
