Abu Dhabi, U.A.E., June 20, 2018. Interview with Dr B R Shetty, founder of BRS Ventures, including NMC Health and UAE Exchange together with Promoth Manghat, Executive Director, Finablr. -- image-- Dr. B.R. Shetty SECTION: Business Reporter:Sarah Townsend
Abu Dhabi, U.A.E., June 20, 2018. Interview with Dr B R Shetty, founder of BRS Ventures, including NMC Health and UAE Exchange together with Promoth Manghat, Executive Director, Finablr. -- image-- Dr. B.R. Shetty SECTION: Business Reporter:Sarah Townsend
Abu Dhabi, U.A.E., June 20, 2018. Interview with Dr B R Shetty, founder of BRS Ventures, including NMC Health and UAE Exchange together with Promoth Manghat, Executive Director, Finablr. -- image-- Dr. B.R. Shetty SECTION: Business Reporter:Sarah Townsend
Abu Dhabi, U.A.E., June 20, 2018. Interview with Dr B R Shetty, founder of BRS Ventures, including NMC Health and UAE Exchange together with Promoth Manghat, Executive Director, Finablr. -- image-- Dr

Finablr uncovers additional $1bn in debt hidden from its board


Jennifer Gnana
  • English
  • Arabic

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.

'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

MATCH INFO

South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8) 

Canada 7 (Tries: Heaton; Cons: Nelson)

Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

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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%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Other simple ideas for sushi rice dishes

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.

The years Ramadan fell in May

1987

1954

1921

1888

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

What are the main cyber security threats?

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.

Labour dispute

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.


- Abdullah Ishnaneh, Partner, BSA Law 

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Zidane's managerial achievements

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)
Cilic: Final (2017*)

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

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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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets