UAE: DIFC Courts Freezes BR Shetty’s Assets

UAE: DIFC Courts Freezes BR Shetty's Assets

Dubai International Financial Centre (DIFC) Courts has frozen assets of NMC Health chairman BR Shetty at the request of Dutch lender Credit Europe Bank’s Dubai branch.

The bank had filed a case against NMC and BR Shetty due to non-payment of $8.4 million (Dh31 million) loan facilitated in 2013.

The Dubai court ordered former NMC chairman not to sell assets with a value of up to $8.4 million without the approval of the lender, Financial Times reported. But BR Shetty maintained that he can sell other assets which are free of debt or other financial liability.

The assets that have been frozen are in the UAE and stakes in NMC Health, BRS Investment Holdings and Finablr.

However, NMC chairman, who left the UAE and is now living in India, blamed his former executives for the fraud and mismanagement that led to the downfall of the healthcare firm.

The healthcare operator was placed under administration in April upon the request of UAE lenders for defaulting on the payment. The UAE banks have around Dh8 billion exposure to NMC Health. But the amount rises to Dh9.5 billion if debt owed to BR Shetty’s Finablr group is included.

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