Finablr PLC - Abu Dhabi-based financial services provider - Has had proposal by UK's HM Revenue & Customs to suspend UAE Exchange UK Ltd overturned. On Monday, Co-Chair & Director Bavaguthu Raghuram Shetty resigned with immediate effect. Finablr then separately announced that the UK's HM Revenue & Customs proposed the suspension of subsidiary UAE Exchange UK Ltd - adding to the already suspended Xpress Money Services Ltd. However, on Thursday, Finablr noted it contacted the tax office to "address the issues raised in the original notice of suspension, to the satisfaction of HMRC". As a result, UAE Exchange will continue to operate. The suspension of the business registration would have lead to the cessation of business. In early April, Finablr had chosen Houlihan Lokey to act as its independent financial adviser to determine its debt position. Results of this exercise revealed debt of around USD1.30 billion, excluding Travelex liabilities, far in excess of the interim results figure of USD334.1 million as at June 30.
Finablr's shares have been suspended from trading in London since March.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
