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Banks asked to search and seize BR Shetty’s accounts in UAE

 

Dubai: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

 

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities

The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date

similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

 

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August 10, 2017border.png

BRS Medicity Amaravati signals a Medical Renaissance in Andhra Pradesh

BRS Medicity Amaravati signals a Medical Renaissance in Andhra Pradesh

Padmashree Dr. Shetty signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board during the Partnership Summit in January 2017.

B.R Shetty Group’s investment of $1.8 billion will be an important node for Andhra Pradesh’s healthcare landscape.

The Hon’ble Chief Minister Nara Chandrababu Naidu laid the foundation stone for BRS Medicity Amaravati at Dondapadu today.

BRS Ventures and Holdings’ proposed investment of $1.8 billion in Andhra Pradesh is a step towards changing the way medical education, research and development are conducted in India.

Padamshree Dr. B. R Shetty signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB) at the Partnership Summit in January 2017.

The Andhra Pradesh Economic Development Board, chaired by the Hon’ble Chief Minister is a single point of contact for trade, investments, partnerships and collaborations in the state of Andhra Pradesh.

Padmashree Dr. B. R Shetty moved from India to the UAE in 1973 in search of greener pastures and went on to become the pioneer of the private healthcare sector in the UAE with NMC, which he established in 1975. Under his able leadership, an array of service-oriented businesses has flourished across healthcare, financial services, pharmaceuticals, food and beverage, education, distribution, infrastructure and hospitality.

Mr. J. Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board said “BRS Medicity Amaravati signals a medical renaissance in Andhra Pradesh and is a step towards changing the way medical education, research and development are conducted in India”

“The commitment towards health and well-being is very close to our Hon’ble Chief Minister Shri Nara Chandrababu Naidu and BRS Medicity Amaravati will be an important node for medical and wellness tourism as Amaravati is well poised to become a world class city.

 

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