Updated: May 02, 2020
Things are going from bad to worse for Indian origin middle-eastern businessman BR Shetty after UAE ordered to freeze all his bank accounts and his family and has also blacklisted several firms associated with him.
The Central Bank of the UAE (CBUAE) issued the advisory following a complaint filed by Abu Dhabi Commercial Bank, alleging “fraud and forgery” against six people, including Shetty.
“Our businesses operate in areas such as food security and supply, pharmaceutical manufacturing, medical waste management and industrial catering services, and are therefore vital cogs in the economy,” a spokesman for Shetty and his holding company BRS Ventures told Reuters.
“Any such orders would put these businesses, their employees and their ability to operate and meet ongoing supply at serious risk, and especially at such a critical time given the current public health issue,” the spokesman added.
Earlier, a UK court had placed Shetty’s firm NMC Health, one of the largest healthcare providers in the middle east under administration following an application by the ADCB which alone has a debt of $981 million from the company. The total debt of Shetty’s firms in UAE alone is said to be around $ 2.18 bn. This is excluding the amount he owes to banks in Oman. ( India Times )
