"As with NMC and UAE Exchange, BRS Ventures also reportedly owes banks, local and international, significant amounts. Shetty, founder of NMC Health and UAE Exchange, has been in trouble since February. 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). Dubai: Dr. B.R. BRS Ventures Investment Ltd is a holding company owned by Dr. B.R. The Duff & Phelps team will be headed by Richard Clarke, whose task will be to quantify the liabilities and negotiate with creditors to come up with a mutually agreeable solution. All through these months, Shetty had professed no knowledge of how the billions of dollars went missing. Shetty’s healthcare and financial services empire suddenly unraveled after his two London-listed companies, NMC Health and Finablr, were enveloped in controversies. Shetty. Shetty, founder of NMC Healthcare and UAE Exchange Centre, has again confirmed an “imminent” return to the UAE. Abu Dhabi Commercial Bank has also filed a criminal case against several parties it claims were involved in the alleged fraud. UAE-based Indian billionaire BR Shetty’s company Finablr Plc is getting ready to selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.5 billion pounds ($2 billion) last December. “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. 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.”. Bavaguthu Raghuram Shetty is an Indian-born businessman who is the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi -based NMC Health, Neopharma, BRS Ventures, and Finablr. * NMC’s losses are likely to amount to billions of dollars. 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 owns a fleet of Rolls-Royces, a private jet and two whole floors in the Burj Khalifa. He has personally known most leading Indian businessmen in UAE and says BR Shetty has been a … About Dr. B.R. Bavaguthu Raghuram (B.R.) Shetty is a native of Udupi district in Karnataka. The drop in shares came following allegations by a US investment firm that NMC Health inflated cash balances and understated … Shetty was honoured with several awards including Pravasi Bharatiya Samman in 2007, the Abu Dhabi Awards in 2005 and Padmashree in 2009. After chairman BR Shetty was removed from the board of NMC last week, Vice Chairman Khaleefa Al Muhairi has also stepped down from his position. Shares of his flagship company, Abu Dhabi-based NMC Health, has dropped 70% since mid-December, following allegations by an US investment firm that NMC made potential overpayment for assets, inflated cash balances and understated debt. “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. The businessman has since filed an appeal to overturn the travel ban. "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. BR Shetty embodied the ultimate immigrant dream in the Persian Gulf — a man from coastal Karnataka who arrived in the oil-rich West Asian deserts in the early 1970s with $8 in his pocket and went on to create a personal fortune estimated by Forbes to be $4.2 billion in 2018. Both NMC and UAE Exchange were listed on London Stock Exchange, in 2012 and 2019, respectively. This website stores cookies on your computer. Court orders issued in Dubai and in India have placed strictures on the sale of his assets. Bavaguthu Raghuram Shetty (popularly known as Dr. B.R. You can manage them any time by clicking on the notification icon. 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.". Privacy Policy. This section is about Living in UAE and essential information you cannot live without. Shetty, the Indian billionaire and founder of NMC Healthcare and UAE Exchange, is calling in outside help to restructure all of his liabilities and restructure his investment company. Shetty resigned Sunday as NMC’s chairman. Diksha shetty, India, India: Dirham is first transaction on Arab world's new network, December 31 is deadline for UAE's ESR compliance, Indian rupee to end 2020 on a bullish note, Saudi's 2021 bank profitability to come under pressure. What are the benefits of loyalty programs? BR Shetty, the founder of troubled healthcare operater NMC … Dr. Shetty is a self-made entrepreneur with over 39 years of experience establishing and growing global businesses across the healthcare, financial services, pharmaceuticals, education, FMCG and hospitality sectors. Shetty. BRS Ventures had extensive interests, including in pharma, but is facing funding issues. Shetty, once regarded as the richest person from Karnataka is all over the news currently for massive frauds. DUBAI/LONDON: As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda NSE 0.50 % officials in mid-March to discuss the $250 million he and his firms owed. Accordingly, evidence compiled to date shows: * Published financial statements were misstated dating back to at least December 31, 2012; * Money and property were misappropriated from NMC; * The perpetrators sought to make NMC liable for debt of which it never received the benefit, or sufficient benefit; and. TP Seetharam, India’s ambassador to the UAE has met Shetty on several occasions between 2013 and 2016. The UAE-based billionaire stepped down as co-chairman of NMC Health in February after the company's shares fell over 70 per cent since December. The consultancy Duff & Phelps will come up with solutions for BRS Ventures, which has been the vehicle for multiple investments made by Shetty, including in pharmaceuticals. Shetty) is an Indian pharmacist, entrepreneur and philanthropist, who for over 46 years has committed his career to building healthcare facilities and improving the quality of life for people in the UAE and across the world. Prajwal Bhat Follow @prajwalmanipal. Sources close to the family, however, suggest that there are currently no plans for disposals, and that the focus is on supporting the businesses while restructuring debts. He was the Abu Dhabi Bureau Chief for Gulf News, Khaleej Times and Emirates Today. Both on your website and other media. Dubai: Dr. B.R. “Reports that I had fled the country couldn’t be further from the truth,” Shetty added. Informed sources thought it could be as early as this week itself. To find out more about the cookies and data we use, please check out our, Dear Reader, please register to read gulfnews.com, Password should have minimum 7 characters with at least one letter and number, Bird images win accolades for Dubai based photographer, In Pictures: Day 2 at Gitex Technology Week, Pictures: Gitex Technology Week brings latest tech solutions to Dubai, Dubai: Camel trekkers from 7 countries to arrive in Global Village, MOHAP provides COVID-19 vaccine to citizens, residents, Explained: Allergic reactions to COVID-19 vaccines, Video: Sheikh Mohammed receives letter from Kuwait Emir, Photos: New Year's Eve fireworks from around the world, Boris Johnson’s father seeks French citizenship. He is facing a string of charges in Indian courts, including a claim for repayment from the Bank of Baroda. and news Business Thursday, April 30, 2020 - 08:03. This was “just as the pandemic spread [and] disrupting international travel. “I would like to thank the UAE Government, creditors, administrators and employees for keeping the operations of the company alive during the pandemic. Young B.R. BR Shetty left the UAE amid the cases and is living in India. NMC Health founder BR Shetty is considering selling all or some of his Abu Dhabi-based pharmaceutical business Neopharma, which is valued at about $1 … NMC Health founder BR Shetty said on Saturday he planned to return to the United Arab Emirates and denied reports he had fled the country after the hospital group’s implosion under a … It brought down CEOs, top executives and even shareholders. It is now believed that some in the previous management is "helping" with the investigation, according to bankers. BENGALURU/UDUPI: Pharma entrepreneur and billionaire BR Shetty is facing a slew of charges in the UK and UAE after two … Terms of Use Syed Qamar Hasan has worked and lived in the Arab Gulf for over three decades. B.R. In another week, Shetty will mark the first anniversary of the Muddy Waters' report that talked about mismanagement at NMC Healthcare, and which led … Beginning as medical representative . “Duff & Phelps will support their efforts in dealing with financial liabilities related to their family group interests, including but not restricted to indirect exposures to NMC and Finablr debts,” said a statement issued by Shetty’s office. The downfall of Shetty started when doubts emerged about NMC’s debt position and the size of Shetty’s stake in it. BR Shetty, the richest Kannadiga in the world with an estimated net worth of $1.6 billion, is in trouble. Fall from grace. Much the same happened at the Finablr, the holding company for UAE Exchange. All rights reserved. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our 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. Dr. Shetty is the founder of NMC Health PLC and Finablr PLC. BRS is also the majority shareholder in Neopharma, a venture that too was caught up in the year-long financial scandal that rocked Shetty’s empire. Dubai: UAE has ordered to freeze all bank accounts of Indian billionaire BR Shetty and his family and has also blacklisted several firms associated with him along with their entire senior management. BR Shetty, the founder of NMC Health, which was placed into administration by a UK court last week and faces criminal charges, said he flew to India in early February for personal reasons. Premanath Shetty, UAE: Dr B.R Shetty is the courageous man and he created his own business empire.Now feeding to thousands of families.That blessings only enough for him. We’ll send you latest news updates through the day. 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Shetty migrated to the UAE from Karnataka, India in 1973 and became the founder of multiple brands including the NMC Health and UAE Exchange. Shetty is yet to give a clear date on when the “imminent” arrival might be. Dubai: Dr. B.R. Evolving from a humble healthcare centre in 1975 to a vibrant and eminent conglomerate in the Middle East, BRS Ventures today stands for trust, dynamism, growth and quality. “The fraud has regrettably caused huge challenges for the companies, great hardship for employees, disruption to supplies and losses to shareholders and creditors. BR Shetty’s wish seems to have come true as he has been overwhelmed with problems ever since his fortunes dwindled after becoming one of first Indians to make his fortune in the UAE’s healthcare industry when he set up NMC Health in the 1970s and grew it exponentially. Really, all youngsters should follow his way of hardwork, dedication. Shetty, founder of NMC Healthcare and UAE Exchange Centre, has again confirmed an “imminent” return to the UAE. 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. Express News Service. Dr.B.R.Shetty is a person who can be a role model for others. UAE-based Indian billionaire BR Shetty's Finablr Plc is selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.5 billion pounds ($2 billion) last December. BR Shetty’s lenders have sold shares his firm pledged. Moneycontrol News November 17, 2020 / 12:50 PM IST That, however, remains to be seen. But Indian banks to which he owes money have been taking a tough stance of late, and may not relent to overturning the travel restrictions. According to Shetty, he landed in Abu Dhabi in 1973, with $8 (Rs 56 then) and a bag, which got stolen. These cookies are used to improve your experience and provide more personalized service to you. Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said. UAE-based Indian billionaire BR Shetty's company Finablr Plc is getting ready to sell its business to an Israeli-UAE consortium for $1, capping the collapse of … BR Life is a company owned by Mr. Shetty which also has hospitals in Udupi, Bhubaneswar, and Thiruvananthapuram. BR Shetty & NMC Health. It was last month that Shetty tried to fly back to the UAE from India, but was stopped at the Bengaluru airport on directives issued by an Indian court. 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. (Wikimedia Commons) How BR Shetty went from billionaire to bust 4 min read. BR Shetty is the founder of NMC Health, a healthcare chain and distribution business in the United Arab Emirates. In another week, Shetty will mark the first anniversary of the Muddy Waters' report that talked about mismanagement at NMC Healthcare, and which led to the unravelling of billions of dollars being diverted. BR Shetty News including daily updated Middle East BR Shetty News, Gulf Investment & Financial headlines, Latest Banking News, Top Financial News, Online Banking & UAE Financial Services News Find also International & World Banking & Finance Industry News Bavaguthu Raghuram (B.R.) However this has not been officially confirmed. “I have complete faith in the justice system of the UAE and look forward to the perpetrators of the fraud facing justice.”. Meanwhile, the administrators appointed to oversee NMC have systematically compiled details related to the fraud and how a group of officials connived to bilk billions of company funds. 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