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Dubai court freezes NMC founder's assets

Dubai court freezes NMC founder's assets
Credit Europe had filed a lawsuit against NMC

UAE - Mubasher: A Dubai court has issued a decree to freeze the assets of NMC Health Founder BR Shetty worldwide due to his debt, according to Financial Times citing recent court documents.

This decision was taken after Credit Europe, a Dutch bank, filed a lawsuit against NMC company and BR Shetty at the court of Dubai International Financial Centre (DIFC) for not paying $8.4 million (AED 29.4 million) debt related to 2013 facility.

The bank claimed that the 2013 credit agreement was guaranteed by two security cheques signed by Shetty, one drawn on his personal account and another on the account of New Medical Centre Trading.

However, Shetty argued that his signature in the lending agreements was forged, and he never gave a personal guarantee or security cheques, accusing several former and current executives for using his name on bank accounts without his knowledge.

The court's order has also requested Shetty to detail all his assets of over $10,000 across the world and allowed for $7,000 per week to be spent living expenses and reasonable sums on legal advice and representation.

In April, NMC was placed into administration due to its financial conditions and undisclosed debt.

It is noteworthy to mention that in April, NMC Healthcare's main lenders announced their intention form a coordinating committee to restructure the group's $6.6 billion debt.