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It's impossible in Middle East to commit this level of fraud without local blessing. Never ever invest in Middle East based companies.
This was broadcast some time ago on arabic aljazeera, it has just been given english subtitles for the interviews. There is a strong suggestion high ranking officials in the UAE were involved in fraud.
https://www.aljazeera.com/programmes/aljazeeraworld/2020/08/br-shetty-missing-millions-200801152710067.html
The rise and fall of B R Shetty and NMC
https://youtu.be/Mac0HJTJgiA
https://www.aljazeera.net/news/politics/2020/7/13/???-??-????-??-??-???-????-??-????
https://www.thenational.ae/business/leak-reveals-new-nmc-payments-for-shetty-family-food-business-1.1048677
more payments from NMC to his daughter’s failed food ventures found while he was CEO and Executive Vice Chairman
https://www.aljazeera.net/news/politics/2020/7/13/???-??-????-??-??-???-????-??-????
https://www.aljazeera.net/news/politics/2020/7/13/???-??-????-??-??-???-????-??-????
Al Jazeera news reported the arrest of Binay Shetty, son of B R Shetty. Director of Finablr.
Tempting to stick in £1k as a punt!
I trade nmhly in u.s.a. so yes this is for the shareholders who are buying cheap shares in hope the company has a positive turnaround and not file chapter 11 or 7.
@NMC shareholders, you may want to sign the petition if not signed yet. This petition itself may not help get the money but more publicity the better. Sad to see so many investors losing their life savings.
Thats for the staff not for shareholders.
https://m.khaleejtimes.com/business/local/nmc-draws-up-3-year-turnaround-plan
https://www.change.org/p/boris-johnson-justice-for-nmc-health-share-holders
https://blogs.cfainstitute.org/investor/2020/05/19/the-nmc-health-debacle-four-red-flags/
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.
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......
https://www.arabianbusiness.com/healthcare/446974-br-shetty-owes-250m-in-loans-to-indias-bank-of-baroda
Not sure if this is on top of NMC's debt pile or a separate one....
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!
“The British investment manager’s approach excludes any acquisition of NMC Health, the London-listed holding company that was placed into administration last month after months of turmoil, one of the sources said”
What does this actually mean?
They can run the hospitals without taking on the debt of the group? Sounds a bit odd
Can’t see anything in the FT... if you show me the article I can paste the text.