Reports commissioned by BR Shetty, the founder of NMC Health and Finablr, have accused the chief executives who were running his businesses of siphoning off millions of dirhams of money.
Prasanth Manghat, the former chief executive of NMC Health, and his brother Promoth, who led Finablr, are accused in the documents seen by The National of "[de]frauding both companies and embezzling their funds" by routing money through Mr Shetty's personal accounts before transferring sums directly to themselves or their associates. The two men have refuted the allegations made in the reports and say they have not received any unlawful payments.
The collapse of NMC Health remains under investigation by authorities and the company's administrators. The company's biggest lender, ADCB, initiated criminal legal proceedings with the attorney general in Abu Dhabi against Mr Shetty, who is currently in India, and a number of other individuals. A worldwide freezing order on Mr Shetty's assets has also been issued by the DIFC Courts following a claim filed by Credit Europe Bank.
The reports by Dubai-based Wise House Consulting are understood to form part of a court dispute between Mr Shetty and Bank of Baroda in India.
One claim is that Prasanth Manghat and other NMC employees “made payment transactions on the personal account of Mr Shetty at the Bank of Baroda, without having any authority or delegation on the account and sent transfer orders attributed to Mr Shetty”. The transactions had a value of more than Dh1bn, the report claims.
Another states that 11 cheques with a combined value of more than Dh232.5 million paid through a Bank of Baroda account which Mr Shetty said he was not aware of, and for which "there was no legitimate reason" for payments. It cites Obaid Al-Bah, a forgery and counterfeit expert, as stating signatures on the cheques were forgeries.
A further claim made is that Promoth Manghat, the former chief executive of Finablr and another employee opened an account with a UAE bank using “a forged account opening form” in Mr Shetty's name that gave them the authority to run the account.
Some Dh907m of transactions went through the account, including Dh17.3m directly to Mr Manghat and two other Finablr employees, it is claimed.
An account held in the name of one of Mr Shetty's other companies, Guide Contracting, had Dh150m transferred into it by NMC Health and Dh48m from Finablr, it is claimed. Some funds from this account were transferred "to themselves, unrelated parties, other persons, their affiliates, and employees". More than a dozen other NMC and Finablr employees were also named as "parties involved in the investigated fraudulent transactions" in the reports commissioned by Mr Shetty.
Such actions may have had "a fundamental effect on the financial statements and funds of the two companies", both of which revealed large, previously undeclared debts earlier this year.
“It is categorically denied that either Mr Prasanth or Mr Promoth Manghat have received any unlawful payments, and they strongly refute the accusations made that seem to be designed maliciously to distract attention away from those responsible for damaging the highly successful businesses they helped create,” a spokesman for the brothers said.
“Whilst the matter is sub-judice they cannot comment further, other than to say that Mr Prasanth offered and is making progress towards assisting the NMC administrators, and Mr Promoth is pleased to see that both Travelex and UAE Exchange are moving towards a more financially stable position.”
NMC Health and the administrators declined to comment on the matter. A spokesman for Mr Shetty also declined to comment.
Finablr did not respond to requests from The National to comment.
A spokeswoman for Bank of Baroda said "extant guidelines were followed while undertaking the transactions" highlighted in the reports.
NMC Health was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator.
The company was listed on the London Stock Exchange in 2012 and was valued at £8.58bn (Dh40bn) at its peak but fell into administration in April after the company declared its debts, at $6.6bn, were materially higher than the $2.1bn previously stated in its accounts.
Finablr, a group of foreign exchange and digital payment companies, is also seeking fresh funding after declaring in May that its debts were about $1bh higher than the $334.1m previously declared in its accounts. Its Travelex foreign exchange company has already been taken over by its lenders and its UAE Exchange arm has been overseen by the UAE Central Bank since March.
Mr Shetty, who remains Finablr's majority shareholder, stepped down from his role as co-chairman of the company last week.
UAE currency: the story behind the money in your pockets
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
ZAYED SUSTAINABILITY PRIZE
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
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
Ammar 808:
Maghreb United
Sofyann Ben Youssef
Glitterbeat
A list of the animal rescue organisations in the UAE
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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MORE ON INTERNATIONAL JUSTICE
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45' 2
Arsenal 1
Papastathopoulos 80'
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
