A court in Dubai has freezes the assets of Indian industrialist BR Shetty. Dubai International Financial Centre (DIFC) Courts has freezes the assets of NMC Health chairman BR Shetty. The court took this decision at the request of Dutch lender Credit Europe Bank’s Dubai branch.
The bank had filed a case against NMC and BR Shetty due to non-payment of $8.4 million (Dh31 million) loan facilitated in 2013. The Dubai court ordered former NMC chairman not to sell assets with a value of up to $8.4 million without the approval of the lender.
The assets that have been frozen are in the UAE and stakes in NMC Health, BRS Investment Holdings and Finablr. B.R.Shetty has left the UAE and is now living in India. Shetty has blamed his former executives for the fraud and mismanagement that led to the downfall of the healthcare firm.
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