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Thanks for you input Latino. I see that the debt for Travelex is reduced and hope this is not left behind with Fin - there is no indication within the RNS that it has been and I certainly hope and anticipate it will have been wiped off as part of the restructuring agreement. I was foolish enough to join the Fin register late and as it went south quickly I have put it to the back of my mind - would you highlight any other assets that Fin can still call upon or are we totally reliant on asset seizure/settlement with Shetty & Co? Thank you.
It’s a standalone business within the FIN umbrella, so it’s sell-off and administration does not mean the same for the corporate firm FIN. This is now off FIN books together with its debts and liabilities.
FIN going legal now - So either Shetty & Co return the missing cash or face legal action. So, it’s time to come clean or face humiliation.
Foreign exchange firm Travelex has gone into administration with the loss of more than 1,300 UK jobs.
Administrators PwC said a cyber-attack earlier this year followed by the coronavirus crisis had "acutely" hit the firm.
Travelex was held to ransom by hackers in January after the cyber-attack forced it to turn off its systems.
PwC said that a so-called "pre-pack" administration deal had been reached which had saved 1,800 UK Travelex jobs.
https://www.google.co.uk/amp/s/www.bbc.co.uk/news/amp/business-53684484
So that’s £385m wiped off FIN debt?
Under the terms of the transaction, the new Travelex group will be significantly delevered with financial indebtedness being reduced from over £385 million to just £160 million. It will also benefit from £84 million of new liquidity which will allow the new Travelex Group to emerge successfully from the challenges posed by the Covid-19 pandemic and to continue with its proven track record as a market leader. This comprehensive balance sheet restructuring of the Travelex group will result in a sustainable capital structure that will allow the new Travelex group to capitalise on Travelex's current, strong market position and brand.
See this as good news for FIN, the Travelex business is literally sold together with its losses. So, this should now reduce FINABLR debts substantially?
So I read that as the Travelex bond holders have restructured their debt effectively taking over that business from FIN leaving shareholders with nothing other than potential debt remaining within FIN itself is reduced. What news on the Sheeneys and the possible seizure of assets?
may not be good news? As Shetty is the major shareholder, how can FIN return to market without giving Shetty some form of reward? Has Travelex been lost from the group completely? If FIN were to be wound up, like NMC, they would have announced it by now, Shirley?
For a while now Fin has been showing a 100% loss, but today the SP is showing 11.025 and a 40.53% loss, so a lot better than yesterday, but don't know if they can be sold, i rather doubt it.
let's face it, you don't have to be a rocket scientist to work out where the dosh has gone, give you a clue begins with S ends in y.
Finablr PLC
22 July 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.
22 July 2020
Finablr PLC ("Finablr" or the "Company")
Appointment of Skadden for investigation and pursuit of claims
Finablr today announces that it has appointed Skadden Arps Slate Meagher & Flom (UK) LLP as lead counsel in order to enable Finablr to investigate historic potential malfeasance within the Finablr Group and any misappropriation of assets of Finablr PLC and certain members of its group (the "Investigation"), and to facilitate the pursuit of potential claims which are the subject of the Investigation.
It is anticipated that forensic experts will be appointed in connection with the Investigation, which will include a comprehensive review of payments made and transactions carried out within the Finablr Group. Finablr has entered into a funding agreement with a third party funder to cover the cost of the Investigation and
potentiall y the pursuit of claims.
Finablr encourages any party or person with knowledge of any wrongdoings to come forward and co-operate with Skadden on this investigation. Concerned parties can reach out to ryan.junck@skadden.com
The Board and the newly appointed Management team of Finablr remains committed to identify any wrongdoings and recovering any of misappropriated monies and/or assets. Finablr continues to work with regulators and
authorities around the world on this matter.
The question is is he going to play ball with authorities and hand back the cash or is he going to act like a fugitive?
If so he is decimating his reputation built over many decades into bits never to be restored...son being arrested if true has to be a hugh wake up call!
Yep needs to pay back - some 17 properties in India + money to family...so it appears the money has not vanished but circulating is in the Shetty family?
https://www.thenational.ae/business/leak-reveals-new-nmc-payments-for-shetty-family-food-business-1.1048677
https://www.google.com/amp/s/m.economictimes.com/news/international/business/bavaguthu-raghuram-shetty-whats-in-a-name-banks-count-cost-of-loans-in-nmc-collapse/amp_articleshow/76918055.cms
Good start now get the missing dosh off the little ****!
https://www.aljazeera.net/news/politics/2020/7/13/???-??-????-??-??-???-????-??-????
Al Jazeera reported the arrest of Binay Shetty, Director of Finablr and son of BR Shetty.
The company was established by the Indian-born former billionaire B. R. Shetty in April 2018.[3] Initial investments included UAE Exchange, which Shetty acquired in 1980, and Travelex, which was acquired in 2014.[3]
In October 2018, Finablr brands, Travelex and Swych, launched a cross-border shopping solution for WeChat Pay users.[4]
In November 2018, Finablr acquired India's digital payments firm TimesofMoney from Network International to capitalise on the growth of e-commerce.[5] Also in November 2018, Finablr became a majority shareholder of Swych, a digital gifting platform.[6][7]
In February 2019, Finablr announced collaboration with RippleNet for cross-border payments to process blockchain-powered cross-border transactions in Thailand.[8][9]
For those debating.. The exact definition of intelligence is a debatable, intellectual pursuit. However, the generally accepted definition (i.e., the working definition) of intelligence is as follows –
Intelligence is one’s ability to gain knowledge and, one’s ability to use this knowledge to problem solve or to meet an objective.
In layman’s terms, intelligence refers to how smart or clever an individual is.
Travelex chief executive Tony D’Souza said: “This agreement marks a significant and positive milestone in the strategic initiatives which the Company has pursued over recent months.
“The restructuring will provide Travelex with a stable platform through £84m of new liquidity and a substantial debt reduction, so that it can rebuild revenues under the stewardship of its new shareholders.
“I want to thank again all of Travelex’s employees who have continued to work tirelessly through this challenging period. I am also grateful to our secured lenders and all of our stakeholders for their continued support as we reach this milestone and look forward to the successful completion of the transaction.”
@mrbrown - you do know that IQ is a measure of How people think and not an actual measure of how intelligent someone is? Probably best to research your generalised insults before making yourself look a little foolish in future.
not sure if this will ever open up again
So many people with small IQ on these boards nowadays
Post was for the benefit of Latino - '?' were unfortunate re-formatting of bullets from press release when pasting.
Tis all another step in the sad demise of Finablr due to malarkey with Shetty et al.
Shame when you read 2019 results in the trading statement.
excerpts from statement
? SSNs, led by members of an Ad Hoc Committee of SSNs (the “AHC”), will take full control of Travelex
? £84m of new money cash funding will be provided by participating SSNs in the form of New Senior Secured Notes
? Participants in the new money will receive 100% of the equity in a new Travelex group holding company (New Holdco)
Reads also like there is lots for shareholders! Truth of the matter is this is extremely positive development for the company. So let’s not jump to big conclusions without knowing the facts.