In India, Bank of Baroda has sought to enforce personal guarantees on debts worth more than $250m. A subsequent freezing order on UAE assets was awarded to the bank last month. Abu Dhabi Commercial Bank, which was NMC Health's main lender, secured a worldwide freezing order on the assets of Mr Shetty, other principal shareholders and former directors of NMC Health at a secret hearing in London in December.
Mr Shetty, who has been in India since February last year after returning to visit his brother, who died last March, is facing legal action in a number of jurisdictions from various lenders.Ī Dubai International Financial Centre court placed a freezing order on his UAE assets last June following a petition by Credit Europe Bank (Dubai), which says he personally guaranteed an $8 million loan. Previously-unreported debt worth more than $1bn was discovered a month later at Finablr, a payments and foreign exchange group majority-owned by Mr Shetty. However, a report by short seller Muddy Waters in December 2019 claimed NMC Health had inflated the value of its assets and under-reported its debt.Ī subsequent investigation found more than $4.4bn of previously undisclosed debt, leading the company to be placed into administration in April last year.
The company floated on the London Stock Exchange in 2012 and at its peak in August 2018 was valued at £8.58 billion ($12.05bn). Mr Shetty first arrived in the UAE in 1973 and set up NMC Health two years later, which later grew to become the largest privately-owned healthcare operator in the UAE.įinablr bidders hire Alvarez and Marsal to advise on restructuring and acquisitions I don’t want to die with any liability of a bad name.” I'm a son of the soil of Abu Dhabi and I'll come back, with the goodwill and the blessing of the royal family," he told The National. "My reaction is only to appeal again to the court to see that I come to the UAE, Abu Dhabi as soon as possible. The businessman intends to appeal to the Supreme Court to have this overturned. Mr Shetty, who was originally stopped from boarding a flight to Abu Dhabi from Bengaluru airport in November last year, had appealed against a ruling in February that banned him from leaving the country. Bavagauthu Raghuram Shetty, the founder of NMC Health and payments group Finablr, said he still intends to return to the UAE to clear his name despite a court in India upholding a ruling this week preventing him from leaving the country.
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