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BR Shetty plans ‘imminent’ return to the UAE to support investigation into NMC

BR Shetty plans ‘imminent’ return to the UAE to support investigation into NMC

The NMC Health founder denies wrongdoing and says he has “complete faith in the justice system of the UAE”

Dr B.R. Shetty, Founder and Co-Chairman of Finablr, at the London Stock Exchange[2] copy

BR Shetty, the founder of UAE-based NMC Health and Finablr, has announced plans for an “imminent” return to the country from India, even as a fraud investigation into his companies remains underway.

Shetty, who founded NMC Health in 1975, oversaw its growth into the largest privately-owned healthcare operator in the UAE. However, the London-listed company collapsed last year after it disclosed more than $4bn of undisclosed borrowings. It was placed in administration, with restructuring specialist Alvarez & Marsal appointed as joint administrators in April.

“I had travelled to India in February to be with my ailing brother who passed away at the end of March,” Shetty said in a media statement.

Soon after, the Covid-19 pandemic broke out globally, with international travel disrupted, he explained.

“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,” the statement said.

“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,” he added.

Shetty faces criminal charges in the UAE put forth by NMC’s biggest lender, ADCB as well as other creditors. There is also an order issued by DIFC Courts to freeze his assets. However, the businessman has denied wrongdoing and has alleged that former NMC and Finablr chief executives Prasanth Manghat and his brother Promoth Manghat were engaged in embezzlement, corruption and laundering of company funds.

“Reports that I had fled the country couldn’t be further from the truth,” Shetty said in the statement.

“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.”

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