The parent company of UAE Exchange Centre had “hidden” debts of around $1.3 billion, according to the latest revelations of financial mismanagement and more at the entity
These findings could bring forward the filing of charges against former officials, in the same way that it was done at NMC Health, the Abu Dhabi headquartered hospital operator. Both NMC and Finablr were founded by Dr. B.R. Shetty, the Indian billionaire.
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In recent weeks, there have been several exits of senior management at Finablr/UAE Exchange House, including that of the ex-CEO. There had been changes at the Board of Directors level as well.
“Total net indebtedness of the Finablr Group may be approximately $1,300 million (excluding any liabilities of the Travelex business),” said a statement issued by Finablr.
“This is materially above the last reported figure for the Group’s indebtedness position as at 30 June 2019 and the levels of indebtedness previously disclosed to the Board.
“The Board cannot exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr Group.”
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