Udayavni Special

BR Shetty sells debt-ridden UAE Exchange for just one dollar


Team Udayavani, Dec 20, 2020, 12:36 PM IST

Mangaluru: The fall of the businessman Bavaguthu Raghuram Shetty is so pathetic that he sold his flagship company for just one dollar to an Israel-based consortium.

BR Shetty (78) who landed in 1973 in Dubai as a medical representative started his business by establishing the National Medical Centre (NMC) chain of hospitals and money exchange business.

He was ranked 42nd in Forbes 100 richest men in the world in 2014. For the past two years, UAE-based banks were behind him for non-repayment of huge dues and it ended with Finablr Plc selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.5 billion pounds ($2 billion) last December.

Finablr, the scandal-marred platform for payments and foreign exchange solutions, announced that it has entered into a definitive agreement with Global Fintech Investments Holding (GFIH), an affiliate of Prism Group of Israel, to sell to GFIH the entire issued share capital of Finablr Limited.

Prism Group, linked to a former Israeli Prime Minister Ehud Olmert, has formed a consortium with Abu Dhabi’s Royal Strategic Partners (RSP) in connection with the transaction.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Raj Bhavan Chalo: Farmers in Karnataka take out procession against farm laws

Rahane masterclass puts heat on Kohli’s Test captaincy

Union ministers start 10th round of talks with protesting farmer unions

Give option to choose vaccine: Karnataka resident doctors to centre

You are the authority: SC refuses to rule on R-Day tractor rally, allows Centre to withdraw plea

SC irked over aspersions cast on members of court-appointed committee on farm laws

Loss of smell may be best sign of COVID-19, research confirms


Related Articles More

Dynastic politics must be stopped, Yatnal’s new outrage against BSY

Raj Bhavan Chalo: Farmers in Karnataka take out procession against farm laws

Give option to choose vaccine: Karnataka resident doctors to centre

School on Wheel initiative by BBMP for out-of-school children

Upper House Dy Chairman election to be held on January 29

MUST WATCH

Ullal: Condom found in donation box

Karunakar Kotegar | How to teach forgiveness | Udayavani

Arnab-Gupta WhatsApp chat leak!! New story, much misery…

‘Act of revenge’: Attack on constable Ganesh Kamath was to avenge M’luru police firing

Udayavani Campaign: Identify parking areas to resolve public problems , says MLA Kamath

Latest Additions

Dynastic politics must be stopped, Yatnal’s new outrage against BSY

Raj Bhavan Chalo: Farmers in Karnataka take out procession against farm laws

Eateries demand to rationalise GST on food delivery biz to 5%

Rahane masterclass puts heat on Kohli’s Test captaincy

Union ministers start 10th round of talks with protesting farmer unions

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.