FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/Satish Kumar/File Photo
NMC’s implosion this year amid allegations of fraud and the disclosure of more than $4 billion in hidden debts has left some UAE banks and overseas lenders nursing heavy losses and prompted legal battles to try and recover money owed. The businessman has previously blamed a small group of current and former executives of his companies for NMC’s failure, alleging that they used forged documents to borrow on his behalf.
“The risk right now is that the provisions that the banks have taken may not be enough and they may have to take more,” said Shabbir Malik, banking analyst at EFG Hermes. Bank of Baroda said it received multiple personal and corporate guarantees in return for the loans, according to a filing by the bank in its case against Shetty.
Banks in the Gulf region tend to rely more on cash flow to lend to companies instead of collateral partly because insolvency rules are relatively new and untested compared to bankruptcy proceedings in the United Kingdom or the United States, lawyers and analysts say.
Hey askin for help is anyone willing to donate a $1 to my sister, nephew & I, I lost both my jobs due to COVID I filed for unemployment but waitin for the benefit and we dont have any food & bills comin up if you can help we would be super grateful Venmo or Cashapp MattMartins147
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