Payments and currency exchange group Finablr has uncovered $1 billion (Dh3.67bn) in previously unreported debt, which may have been used for purposes outside the company, it said in a statement to the London Stock Exchange.
The new findings by investment bank Houlihan Lokey and independent investigator Kroll raise the total indebtedness of the firm, excluding that of Travelex, to $1.3bn.
"This is materially above the last reported figure for the group's indebtedness position as at 30 June 2019 and the levels of indebtedness previously disclosed to the board," the company said in a statement to the London Stock Exchange earlier this week.
The company had previously reported net debt of $334.1m as at June 30, 2019, when it published results for the period in August last year.
Finablr and Houlihan Lokey "intend to engage further with the group's creditors to explore the options that may be available to the group and its creditors", the statement said.
Finablr is co-chaired and majority-owned by BR Shetty. The company was floated on the London Stock Exchange in May last year, giving it a valuation of $1.3bn.
However, in recent weeks it has reported liquidity problems and the operations of its UAE Exchange currency business are now being overseen by the country's central bank. Its shares were suspended from trading on March 16, by which time its value had fallen to £77.2m (Dh351.7m).
In March, Finablr's board revealed it had been made aware of cheques written by group companies before the initial public offering worth up to $100m "which may have been used as security for financing arrangements for the benefit of third parties”.
The company's auditors, EY, resigned on March 30 after demanding changes to the composition of the board, which Finablr said it had been unable to meet within the required time.
Finablr's last filed accounts for the first half of 2019 showed a loss of $30.1m on group income of $733.6m.
Meanwhile, the company's billionaire owner Mr Shetty said in a statement last week that he was a victim of "serious fraud and wrongdoing".
Mr Shetty blamed the fraud on "a small group of current and former executives". He said bank accounts were created in his name and transactions were made without his knowledge.
Mr Shetty also said loans, cheques, and bank transfers were also fraudulently guaranteed in his name using his "forged signature" and that he "neither authorised, consented to, or had any knowledge of".
Alongside Finablr, Mr Shetty built NMC Health from a single clinic in Abu Dhabi in 1975 and grew it into the UAE's biggest private healthcare provider, with 2,000 doctors and almost 20,000 other staff operating clinics, hospitals and pharmacies in 19 countries.
Problems with his empire first emerged in December when activist investor Muddy Waters, a US-based short seller, issued a report saying NMC Health had inflated its cash balances, overpaid for its assets, and understated its debt.
This sparked an independent investigation which found that debts at NMC Health were materially higher, at $6.6bn, than the $2.1bn previously stated in its accounts. That led its biggest lender, Abu Dhabi Commercial Bank, to petition for administrators to be appointed earlier this month. Banks in the UAE have declared exposure of at least Dh8bn to NMC Health, and of more than Dh10bn to his broader empire, including Finablr and UAE Exchange.
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Rating: 3/5
MATCH INFO
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
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Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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- Flexible payment plans from developers
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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
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Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
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