Finablr, the UAE Exchange’s holding company owned by Indian billionaire BR Shetty is all st to take immediate steps to investigate its liquidity and financial arrangements. The company in a statement released on Thursday said that it is taking urgent steps to assess its liquidity position and will appoint an independent financial advisor to weigh options.
The company which owns the money-exchange business including Travelex Holdings will conduct an independent financial investigation. The decision was taken after a sister concern of the company NMC Health faced a financial crisis.
The shares of the company has slipped down almost 80% this year. Now the company has a market value of $367 million. In last December it worth £1.5 billion.
NMC has been subjected to various allegations of accounting and governance by Muddy Waters Capital LLC. It is alleged that the NMC Health has veiled $.2.7 billion debt form its board. On March 10, the debt position of NMC was around $ 5 billion as compared to $2.1 billion reported earlier.
Post Your Comments