Indian businessman and billionaire BR Shetty has sent out a strongly-worded message in which he has said that he intends to clear his name of allegations levelled against him.
The statement, released on Wednesday afternoon, said that his legal and forensic investigations revealed “serious fraud and wrongdoing appears to have taken place at “NMC, Finablr, as well as within some of my private companies, and against me personally”.
According to Shetty, these investigations revealed that the fraud “appears to have been undertaken by a small group of current and former executives at these companies” and they have also discovered that payments and transfers were made in Shetty’s name without his authorisation. “The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised consented to, or had any knowledge of.”
His statement also said, “The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.”
The evidence and information from the investigation have been shared “with all relevant boards, as well as with relevant law enforcement and regulatory authorities.”
Shetty intends to pursue legal action against those who have committed fraud against my businesses and himself.
NMC Health, which has a market value of US$2.4bn and a total debt of US$6.6bn, is in the process of being delisted from the London Stock Exchange where it once held the prestigious status of being included in the FTSE 100.
NMC Health’s shares were suspended on February 27 in light of constantly evolving financial irregularities, which also found the healthcare operator put under court-ordered administration and appointed three administrators from Alvarez & Marsal.
This was done following an appeal from Abu Dhabi Commercial Bank (ADCB), which has US$981 million worth of exposure in the healthcare provider. Overall UAE banks have reported more than US$2 billion of exposure to NMC Health, founded by Indian billionaire businessman BR Shetty, who is also the founder of Finablr.
Meanwhile, an advisory from The Central Bank of the UAE (CBUAE) has ordered financial institutions in the country to freeze all bank accounts of Shetty, his family members and companies where he has a stake.
According to the advisory, information is also being sought on credit facilities extended to Shetty and his family members, as well as safety deposit boxes and details of financial transfers made.