UAE-based businessman BR Shetty claims innocence

UAE-based businessman BR Shetty claims innocence, says he himself has been defrauded

He said that he had not authorised the creation of multiple bank accounts, which have been unearthed in past two months

UAE based businessman BR Shetty

Udupi-born and UAE based businessman BR Shetty has claimed innocence in the alleged financial impropriety at NMC Health, stating that he is doing his "own legal and forensic investigations".

He said that he had not authorised the creation of multiple bank accounts, which have been unearthed in past two months at NMC Health as the company is going through the process of vetting its actual financial position.

"The finding includes 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. It also includes 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," he said in a statement.

I am vigorously pursuing, all legal actions and remedies available to me against those who have committed fraud against my businesses and myself, he added.

"I remain fully committed to working with both companies and all relevant authorities in the UAE and UK to ensure that all stakeholders are provided with as full and comprehensive an understanding of the entire situation as I can, as well as all the facts as I know them, as quickly as possible," he added.

According to the company’s filings on the London Stock Exchange, the NMC Health’s debt is estimated to be around $6.6 billion, including the $360 million convertible bonds and $400 million Sukuk, shariah-compliant bonds.

“Work on verifying the outstanding debt obligations of the company is continuing,” NMC Health said in its last financial update on March 24. Amid the rising numbers, it emerged that 60% of this debt was not reported by the company. 

The Group’s bilateral and syndicated debt obligations comprise over 75 debt facilities from over 80 financial institutions. Some of these borrowings were used for transactions not pertaining to the group, the company said in one of its regulatory filings.