RNs29 Apr 2020 12:25
RNS Number : 3154L Finablr PLC 29 April 2020
29 April 2020
Finablr PLC ("Finablr" or the "Company")
Statement from Co-Chairman Dr B.R. Shetty
The Company notes the Statement made Co-Chairman Dr B.R. Shetty as set out
below in full. The Company takes all allegations of fraud and wrongdoing
with the utmost seriousness and will continue actively to pursue all available
lines of enquiry.
Statement from Dr B.R. Shetty
Out of respect for due process and to allow the various UK and UAE authorities
and investigations, including my own, to quickly expedite their mandates, I
have refrained, to date, from making any extensive public statements. This
restraint in speaking out has come at great personal cost to me both
reputationally and materially. However, given my own legal and forensic
investigations are now starting to produce some initial findings, and in
consideration of some misleading and inaccurate allegations and claims made
against me, now is the right time to do so.
For the sake of clarity, I ceased having a day-to-day executive role in NMC
Health PLC ('NMC') in 2017 and since then I have been a joint non-executive
chairman and shareholder of NMC. I stepped down from the board of NMC on
February 16th, 2020. The series of events since December 2019 have shocked me
as much as anyone else, including the alleged fraud and misconduct at NMC, as
well as the existence and extent of undisclosed company debts.
The preliminary findings provided by my advisors from my own investigations
indicate that serious fraud and wrongdoing appears to have taken place at NMC,
Finablr PLC ('Finablr'), as well as within some of my private companies, and
against me personally. This fraud also appears to have been undertaken by a
small group of current and former executives at these companies.
Some of these preliminary findings include, but are not limited to;
• The fraudulent creation and operating of bank accounts in my name
including many fraudulent transfers that I neither authorised, consented to,
or had any knowledge of.
• The fraudulent creation of loans, personal guarantees, cheques and bank
transfers in my name, and using my forged signature, that I neither
authorised, consented to, or had any knowledge of.
• The creation and set-up of companies in my name that I neither authorised,
consented to, or had any knowledge of, and that were seemingly created with
the express intention to commit or conceal fraud.
• The fraudulent creation of powers of attorney, and the misuse of existing
powers of attorney, again in my name, that I that I neither authorised,
consented to, or had any knowledge of.
• The creation and provision to me of false and misleading financial
statements and information regarding the performance of some of my private
companies and investments by members of my own management team.
• The payments of expenses using my private companies and persona
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