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Are we still on hold! Why cant they just say 0p and let us close this nightmare.
So this is officially in administration. Where does that leave us shareholders in our accounts?
Shettys whole brs ventures was funded by nmc.
They been siphoning off for years. And the stupid banks never put 2+2 together!
I just can’t see how you can hide $4bn of illegitimate debt across 80 institutions for very long. No matter how sophisticated Shetty and Manghat were, there’s just bound to be have been some leak quickly, which leads to be believe the debt was taken on recently (last one year max) to help expand their empire into India. Maybe it was a mad off like ponzu scheme where they used new borrowing to pay old borrowing... The Indian banks have been very quiet but I do think the remaining $2.5bn belongs to them. NMC need to publicly disclose all the lenders, amounts, and details of the debt. They know it, so why haven’t they released the information?
So all nmc had to do was fake more interest payments and this woulda gone on longer!
No one not even muddy assumed a $4.+ billion fraud.
Rastuss - yes they discovered a discrepancy, so did James @ Jeffries, but nothing their estimates suggested ~$300m extra debt than nmc had stayed. I guess that turned out to be the first $335m off balance sheet facility they discovered. How was the other $4bn of debt being serviced? Also remember if it’s Arab banks then it might be Islamic financing and I don’t think they have the same traditional interest mechanism as western banks.
The rulers of UAE had a close relationship with Shetty, they need to work with the Indian government to bring Shetty back and reclaim the money. This makes abraaj look so minor. That guy was jailed so let’s hope Shetty is too.
F that. They probably noticed and started shorting from £30.
This recently disclosed ~$2bn exposure for Arabian banks is part of the non-disclosed debt. If it’s been around for some time then how was this being serviced previously? And why did the Arabian banks not ask why it wasn’t disclosed on nmc’s balance sheet? Sounds like gross negligence on their behalf and if so they don’t deserve a penny back.
The $2.1bn legitimate debts facility disclosed debt on nmc’s balance sheet was provided by citi/J.P. Morgan/standard chartered, $400m or so was unused and it breached covenants when it fell below 30% holding for Shetty/Buttis.
So there’s still another $2.5bn outstanding here. Wonder when those owners will come forward