Abu Dhabi Commercial Bank secured an asset freezing order against NMC Health founder BR Shetty and five UAE-based companies owned by him in the Abu Dhabi Global Market Courts.
The court ruling prohibits Mr Shetty from dealing in shares of five of his companies, grants a domestic freezing order on his assets and a worldwide freezing order on assets held by him and the five entities.
In granting the order, the judge Justice Andrew Smith ruled that Mr Shetty has control over the companies and "there is a substantial risk that he will 'dissipate' his own assets".
A spokesman for ADCB declined to comment on the ruling as legal action is ongoing. Mr Shetty did not respond to requests to comment.
NMC Health fell into insolvency last year and ADCB is its biggest creditor.
NMC Health was founded by Mr Shetty in 1975 and grew to be Abu Dhabi's biggest privately-owned healthcare company. However, the company was placed into administration last year after an independent investigation uncovered more than $4.4 billion of previously undisclosed debt.
The lender "contends that the reason for the group's insolvency was fraud on a massive scale, and that Mr Shetty was a participant", the order states.
It follows on from action taken by ADCB in the English courts in December last year granting a worldwide freezing order on the assets of Mr Shetty and five other former NMC shareholders and directors, which granted permission to the lender to seek a domestic freezing order in Abu Dhabi. The five companies named in the ADGM Court order are BRS Investments Holdings 1, BRS Investments Holdings 2, BRS Investments Holdings 3, BRS Investment Property and BRS Health.
"Mr Shetty denies that he was party to any fraud, and told me that he himself was a victim of greed and fraudulent conduct of others associated with the NMC Group, who arranged for a bogus account to be opened in his name at the Bank of Baroda and for monies to be transferred into it," Justice Smith said in the ruling granting the order. "He is anxious to clear his name and restore his reputation."
Alvarez & Marsal was appointed as administrator of the group's UK-listed entity in April last year and of more than 30 UAE entities in September.
The administrators have since sold off non-core assets and said earlier this month they are working on a restructuring that could lead to about $4bn of existing debts being forgiven to bring the group's debt back down to a more manageable level of about $2.25bn. The group continues to perform well, with gross revenue 14 per cent higher than in an earlier business plan presented to lenders and the number of patients treated 20 per cent higher year-on-year, administrators said.
ADCB reported a five-fold increase in first quarter net profit to Dh1.12bn ($305 million) on Sunday as impairments fell 63 per cent to Dh704m. It has so far recorded provisions worth about Dh1.65bn related to NMC, but chief financial officer Deepak Khullar said the bank believes existing levels are "prudent and appropriate" given the progress being made in its restructuring.
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
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
