Founder of UAE NMC hospital, B.R. Shetty is currently under pressure as the court of UK ordered a total asset freeze. The court in London ordered to freeze on any sort of asset disposals made by Dr. B.R Shetty, his former top executives and share holders. The court has made direct order stating that no assets held anywhere around in the world by this team can be sold. Just a few months back, the court has made an order freezing Shetty’s assets that had been issued around in Dubai and India after they were brought into charges.
As per BBC the UAE’s largest banks has applied to the UK’s High Court to appoint administrators for the troubled private hospital operator NMC Health. It further explains that this UK Listed firm has been under scrutiny for alleged unauthorized financial activities. BBC further highlights the part that NMC Health has a debt of USD 6.6 billion, which is estimated to have borrowings with more than 80 creditors – regional and international.
Dubai Islamic Bank and The Abu Dhabi Commercial Bank were the biggest lenders who had lended USD 541M and 981M respectively to the Shetty’s troubled business, where investigation is underway.
NMC Health, based in Abu Dhabi is one of the largest health care providers located in the Middle East with 200 clinics, hospitals, and other sites in 19 countries. It was founded in 1974 and listed on London Stock Exchange in 2012.
The issue of NMC Health came to rise after US based activist investor Muddy Waters claimed that NMC Health had inflated its cash balances, and which is overpaid for assets and understated the debt.
Currently, BR Shetty is believed to be staying in his home country India. As soon as the scandal went public he and his close team fled to India. He once used to rank in forbes richest 100 lists in the 42nd position.