BR Shetty seeks India probe into NMC Health and Finablr bosses BR Shetty seeks India probe into NMC Health and Finablr bosses Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India, seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire. Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have [...]
Former bosses of Finablr and NMC Health face fraud accusations Former bosses of Finablr and NMC Health face fraud accusations The former chief executives of Finablr and NMC Health are among a group of 17 people who are claimed to have embezzled millions of UAE dirhams from the firms, the Sunday Telegraph reported today. According to a report prepared for billionaire tycoon Bavaguthu Shetty, who founded the companies, brothers Prasanth and Promoth Manghat, who led [...]
NMC Health strives to avoid administration after being hit by creditor court action Scandal-hit NMC Health is working to avoid going into administration after being hit by a court action brought by one of its creditors. The London-listed company said today that lawyers acting for Abu Dhabi Commercial Bank (ADCB) filed an application on 2 April in the High Court to appoint administrators to NMC with a hearing [...]
EY resigns as auditor of Travelex owner Finablr as board members quit March 30, 2020 EY has resigned as auditor of Finablr after the troubled payments firm could not accommodate some adjustments it requested, including changing the composition of its board. Trading in the London-listed firm’s shares was suspended earlier this month after Finablr warned it was preparing for potential insolvency. It has launched an investigation into its finances. Finablr [...]
Travelex owner Finablr in danger of collapse as shares suspended March 16, 2020 Payments company Finablr has warned it is in danger of collapsing as trading in its shares was frozen by the Financial Conduct Authority (FCA). In a dramatic update to the stock exchange this morning, the Travelex owner said it had found around $100m (£81m) of undisclosed financing, which meant it no longer had any certainty [...]
NMC Health finds evidence of fraud as shares in sister firm Finablr collapse March 12, 2020 Beleaguered hospital operator NMC Health said an investigation into its finances had uncovered evidence indicating suspected fraud in some of its previous financial activities. NMC Health launched an external review into allegations over its finances after coming under attack from US short-seller Muddy Waters in December. Read more: NMC Health identifies $2.7bn in additional debt [...]
Financial watchdog to investigate scandal-ridden NMC Health February 27, 2020 NMC Health is facing battles on two fronts after the City watchdog stepped up its probe into the embattled hospital operator and a major shareholder criticised its handling of an investigation into its finances. The Financial Conduct Authority (FCA) will investigate NMC, the FTSE 100 company said, just hours after trading in its shares was [...]
Shares in crisis-hit NMC Health suspended February 27, 2020 Trading in NMC Health shares has been suspended this morning after the embattled hospital operator fired its chief executive and revealed $335m (£259m) of secret guarantees benefitting companies owned by two of its major shareholders. In addition to sacking boss Prasanth Manghat, leaving it with no executive board members, the company has also granted its [...]
Ailing NMC Health shares have further to fall, says analyst February 24, 2020 An analyst who was one of the first to predict a slump in NMC Health’s share price has slashed the embattled hospital operator’s target price, saying the stock could fall a lot further. Jefferies’ James Vane-Tempest cut his target price for the NMC Health from 1,300p to 500p, 42 per cent below Friday’s closing price. [...]
NMC Health founder BR Shetty resigns as crisis deepens February 17, 2020 The founder of NMC Health has resigned as its non-executive chairman after stepping back from board discussions when questions were raised over his holdings in the embattled healthcare provider. Indian billionaire BR Shetty, a joint controlling shareholder in NMC Health, resigned from its board with immediate effect yesterday, the company announced this morning. Chief investment [...]