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..is your finger poised to press the sell button on FTSE Futures.
So alvarez an marshal.... lets put the freeh report at the bottom of this ledger pile. So we can spend years of earning fees. Game over here anyway. Im waiting for FTSE to hit 6250 then go short all the way to 4000.
Has this got previously-undisclosed borrowings as well, or is it affected by the fallout from the collapse of the rest of Mr. Shetty’s businesses?
It looks like a bonanza for Alvarez and Marsal. Years of work, hundreds of thousands of ledger entries to examine, at many counter-parties and across multiple jurisdictions. I hope they will recover enough at least to cover their fees.
He's a goner. Hanging on good reputation of which he has none. Yeah was so easy to siphon off all them billions. Blame it on the underlings who are hiding with him in india. He just flustered because they hit all of his businesses. He thought if nmc goes I still got my private businesses. This guy has never built a successful business we just assumed he did. Was just another ponzi. Sadly I read an believed him more than muddy waters. Now I know better. He just talking riddles
The final 4 lines of this attachment may interest people here in whom hope still flickers.
Michael need to get his finger out...
There’s another article today, on Shetty’s Neopharma company, which says their production is much reduced, workers unpaid, and some pharmaceutical products are in short supply.
Thanks Rastuss. Good to know that Butti boys accounts are also frozen. It's just that we only hear about Mr. Shetty all the time but no reporting about Butti's. They need to be brought into the limelight as well. The authorities should be able to track the money from UAE as to where it went. Normally when you invest it's understood that you are taking risk and value can go up or down. But in the case of NMC, it's not the business that's gone bad but theft. So many innocent and even highly experienced investors appear to be stuck in a limbo. I am not saying all have lost the money at this time, bearing in mind the business is sound and if smart Financial Managers get in there could still be a chance to re-list the stock. I don't think administrators are going to be of any help. They are already looking at selling the assets, first attempt should be track the money down, sell the assets of these directors to make up for the loss as much as possible.
Aloy99, Autonomy1: the Butti boys’ accounts were frozen in the UAE on the same day (27 April?) as Mr. Shetty’s and others’. There’s no question that the police forces in the UK, UAE and India should be working together to pursue the culprits and find out what’s happened to all that money. I still think it’s going to be hard to find it, if the malware attack on Travelex has obliterated records of transactions over the two weeks following publication of the Muddy Waters report.
We get sweet f all back. Sfo fca all useles!
Nobody is pursuing the offenders on behalf of the shareholders so any money got back from them will be got by individual banks who are trying to recover their own losses
FCA and SFO dont seem to be interested as it all happened in UAE
I am an investor on NMC, only invested large amount after the Ex-FBI person was hired by NMC to investigate which showed genuine interrest by NMC, in addition to being part of the FTSE. It appears it was all a cover. I have been reading most of the comments in recent months. Looks like all the focus is on Mr. Shetty, what about the other directors Butty's; they must be holding large assets in UAE/Globally. Their assets, bank accounts need to be frozen as well until the investigation is over. NMC is a business continues to operate and could do well in the healthcare industry. It's only the fraud that has led to the current situation. The attempt should be to investigate all ex-directors, freeze their assets. That could go some way to recover major part of the debts and for NMC to get back on its feet. Welcome comments.
Even better.....cant believe a single person borrowed such insane amount of cash and made it disappear. I wonder if he wants to claim 'this wasn't me - it was someone else' story
Atleast in the case of Madoff, it was a ponzi scheme where he paid the next sucker......
4Corners: this appears to be separate from NMC. He’s borrowed this money for The Assam Company, a large tea estate company which he bought 2 years ago. Bank of Baroda again.
Not sure if this is on top of NMC's debt pile or a separate one....
..or more correctly, Mr. Shetty. The doctorate is an honorary one from the UAE branch of the University of Middlesex. There’s some doubt also over the veracity of his claim to a bachelor’s degree in pharmacy.
He should be called Dr ****y not shetty
He probably paid that silly fool to write good stuff about him. Imagine how theyl treat the indians now in UAe!
This is what they think of Shetty in India:
Adzy: I suppose it gives the banks the option of having an experienced healthcare manager run the hospitals for them on a contract, in the event they can’t get a bid for them that they think is enough. When the dust has settled, they might get a higher bid or this lot might want to take it over themselves - managing the hospitals in the interim will give them the inside track.