NRI bizman B R Shetty to make 'imminent' return to UAE to clear name

News Karnataka

NRI bizman B R Shetty to make 'imminent' return to UAE to clear name

NRI bizman B R Shetty to make 'imminent' return to UAE to clear name

SC AN   ¦    Nov 14, 2020 11:26:39 PM (IST)

NRI bizman B R Shetty to make \'imminent\' return to UAE to clear name-1Dubai: NMC Healthcare and UAE Exchange Centre founder and renowned NRI business Dr B R Shetty has reportedly, once again confirmed that he will return to the UAE. He has not returned to the UAE since February this year after the NMC Healthcare corporate scandal broke out late last year, where over $4 billion in bank loans went missing.

Shetty has been subject to many legal actions initiated by creditor banks and court orders issued in Dubai, as well as in India, have restricted the sale of his assets.

In a press statement, Shetty said, “I had travelled to India in February to be with my ailing brother who passed away at the end of March.”

“While I was in India, our investigations started to unravel details of the fraud in NMC Health, Finablr and some private companies owned by my family.

"I said at the time that I intended to return to the UAE and - having filed a criminal complaint against the suspected perpetrators of the fraud in India - I am planning my imminent return to the UAE as promised. I intend to support the UAE authorities and all relevant bodies to correct any injustice done to the companies, their employees, shareholders and other stakeholders and help find solutions to outstanding matters," he added.

B R Shetty has made it clear that he intends to return to the UAE and clear up the mess saying that reports stating that he fled the country are false, but he has not given a clear date of his return. Sources privy to the developments, however, believe that the NRI businessman might arrive in the UAE as early this week.

He thanked the UAE Government, creditors, administrators and employees for keeping the company running during the pandemic and reposed "faith in the justice system of the UAE and look forward to the perpetrators of the fraud facing justice"

Meanwhile, Shetty has denied having any knowledge of how billions of dollars went missing and even initiated a personal investigation into the company’s affairs. Based on the findings of these investigations, he blamed senior officials of the previous management, including the then CEO Prasanth Manghat and his brother Promoth Manghat.

Recently, the administrators – from the specialist consultancy Alvarez & Marsal updated the bankers and other creditors saying, “We have set target dates for all the relevant steps to complete the formulation of strategy and preparation of claims arising from the investigation in order to seek redress from those parties connected to the fraud.”

Although it has not been officially confirmed, it is believed that some members of the previous management are "helping" with the investigation.