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Rastuss I don't think the UAE Central Bank has taken over UAE Exchange it's just ensuring that current transactions are completed - From thias article https://www.thenational.ae/business/banking/central-bank-steps-in-to-oversee-uae-exchange-operations-1.994022 :
"UAE Exchange has halted transactions through its branches and online platforms, with the exception of the operation of a Wage Protection System which it is being allowed to operate "until further notice", the central bank said.
"In order to protect consumers, the Central Bank of UAE has required the exchange house to swiftly settle outstanding remittances and all other already initiated transactions," it added."
You still confident in £15
When it comes to money people do strange things as i learned over the years -- These people should be stripped of assets in every company they own .. A FORENSIC team could get to the bottom quick /Rich people are normally ruthless and stone cold thats how most of them get to the top --
He wont say nothing! He will be sat in mansion in India thinking how can I hide these billions
Adzy where does it say "he will tell the real story"
Agree adyzy - there is much more to this. I wonder if more will be revealed by Freeh?
“I am at a loss to understand how Shetty and his associates managed to do this without someone stopping it/whistle blowing sooner”
It really is quite unbelievable... 85 banks and it still
Didn’t come out even thru MW? Well not directly anyway. ...and for shetty to now come out and say he will tell the “real” story is shocking audacity... I do wonder what the real motive was? How can Shetty turn into a crook at 78 and destroy what it took decades to build? He doesn’t seem particularly financially savvy so it must have been many others too... And where did all this money really go, there’s no announcements of major transactions anywhere... mind boggling.
Rastuss, not sure how many other debts will be uncovered, but the fact they defaulted on Forex loans at UAE exchange indicates to me how little cash they had, I am at a loss to understand how Shetty and his associates managed to do this without someone stopping it/whistle blowing sooner - both CFO's in NMC/FIN were culpable (both gone now) and 85 banks didn't realise what was going on? The more that comes to light the more shocking it gets.
IMO we will see further debt exposed within the Shetty group of companies - the fact UAE Exchange even defaulted on Forex loans shows the extent of the dire straits they are in.
And so did the prasanths! Who facilitated all of this!
They stole money from fin aswel lol.
“Every bank I’ve ever had a corporate relationship with have been sticklers for correct documentation“
I think you’ve been dealing with the wrong banks! Ha. There’s plenty who will slide over correct procedures to generate fee income. Maybe not hsbc, jpm etc but we can’t be so sure about the 80 others.
Hey Rastuss, I'm not sure that is correct, would need someone with better legal background to advise, but from a little research it seems that there are several legal arguments on which a suspension, or even a cancellation, of repayment of bank loans can be based. In order to establish the invalidity of a loan agreement it is necessary to take into account not only the dispositions of the agreement but also the circumstances in which it was signed and the actual use of the borrowed money. It will obviously be necessary to audit the debt to shed light on those various elements. Companies that wish to reduce their debts can use arguments from commercial law, among which are those appearing below, in order to find legal grounds for cancellation/repudiation of part of their bank debt:
Defects of consent, for example:
1) absence of competence in a contracting party
2) direct or indirect corruption of a contracting party during negotiations
3) coercion through acts or threats of a contracting party
4) fraud
5) Illicit or immoral cause of the contract and/or Illicit use of lent money
@Rastuss - no matter whatever happens here - remember one thing, you are and always will be a c0ck suck1ng m0f0!!!!! I hope you lose your shirt on all the investments and shorts you’ve got on! If you have no interest in NMC, why the f00K you’ve got the most posts on here on a daily basis for the last few weeks! You are pathetic scum and a troll!! Enough said!!
His attitude towards you is not pleasant, I must say but it is understandable.I wish you good luck with your investments.
Rastuss go easy on Dodger as he has lost his life savings in this and his only glimmer of hope is that one day it would resume trading and he would make his money back. Think there are some other people who put everything in nmc.I feel sorry for them but dodger was told to reconsider his position when share was trading around 13/14p.All of us are greedy as that is why we are investing in stock market but I still can believe that people put vast sums in one share to see it disappear.
Rastuss why don't you do us all a favour and quit with the diatribe. In other words FO!
“If the loans were drawn as the result of acts of bad faith by people at NMC”
That’s a fair assumption, but bankers are hardly known to be morally clean themselves, are they? What if the loans were provided as a result of bad faith/bribery at the banks themselves?
“It’s surely extremely unlikely that the banks will take a major haircut while the shares retain some value”
Yes, about the same probability (on 1st Jan 2020) that a global virus would shut down the entire world economy
In NMC's current position, the usual thing that the many advisers they hired will recommend is to sell off any non core assets, pay down as much debt as possible and concentrate on the core business.
The banks will no doubt want reassurance that NMC is doing all it can to reduce the debt and will not be wanting to rush into admin as this would probably result in a larger default on the debt for them.
NMC is no ordinary company or IMO the administrators would have been appointed by now. The fact it provides health care will mean the continuity of the core business and I am sure the UAE Gov. will insist on that. I suppose there is still the potential of one (or more) of the creditors calling for administration and the hospitals being run by them until a buyer can be found. That would risk a break up of the management and could cause problems in running the hospitals, though I presume that will depend on how much autonomy each hospital has.
Whichever way it works out I don't see anyone with capital invested in NMC coming out of this without a severe haircut and unfortunately shareholders are at the bottom of the food chain if admin occurs.
So adzy you sayin im going to get £10 a share or more back.? Or the latter or the former..
Sorry, typo - i meant - the former occurring by no means = the latter being true.
Hi there, I think you have to separate the banks taking a big haircut on their dodgy loans and shareholders getting anything back. The latter by no means = the former.
Adzy2k11 - totally agree with the sentiment of your statement below. Don’t think NMC is liable for the debt if the banks didn’t do proper due dipligence before lending billions to shetty and his dodgy partners. This will come out of suspension and will do well over the coming years! Will take time but will recover from this situation, especially, given the situation we are in due Covid19 right now.
“ if the lenders didn’t exercise proper due diligence and lent over $4.4bn in unsecured loans (on top of the official debt $2.1bn debt) for non group purposes, then that really is the banks’ own problem(s). If the loaned money was specifically spent on nmc then I can understand their claim to recover these loans. But Nobody has announced any such transactions which suggests it was mostly all siphoned off since June 2019... The fact that the banks have been so silent through all of this suggests to be they are probably a guilty associated party with these unauthorised loans and as such may not be expecting much back (otherwise you’d expect much more.”