Abu Dhabi: With legal troubles mounting in NMC Health and UAE Exchange, the founder of the companies, Indian billionaire BR Shetty has reportedly left UAE and may have flown to India.
As per report in Arabian Business, sources have claimed that there are at least five active legal cases against him and NMC and that Shetty may have left the UAE about a month ago.
The multi-billion empire of Shetty suffered a jolt in December 2019 when short seller Carson Block of Muddy Waters Research alleged NMC of fraudulent asset values and theft of company assets.
Subsequently, NMC’s shares were suspended from trading on the London Stock Exchange and two weeks ago it announced that its debt levels have risen to nearly $5 billion, with over $2.7 billion in facilities that had not been disclosed to or approved by the board.
Reports claim that UAE Exchange, this week stopped new transactions through its branches and online platforms as the Central Bank of the UAE announced it has opened an investigation into the remittance house and will oversee its operations management.
The 77-year-old set up NMC Health in the 1970s and UAE Exchange in 1980.
(inputs from Arabian Business)
