NMC HEALTH PLC
NMC health settlement drags Bank of Baroda Q1 net profit down 72%
Bank of Baroda's June-quarter profit fell 72% due to a large settlement payment. Other income also declined, impacting the bank's overall financial performance for the period. Shriram Finance reported a 60% increase in its standalone net profit for the first quarter. Bank of India's net profit jumped 36%, and it seeks foreign currency deposits.
Bank of Baroda to pay $600 million to settle NMC Health insolvency claims
Bank of Baroda has agreed to a $600 million settlement with administrators of the insolvent NMC Health Plc. The bank faced allegations of gross negligence, failing to conduct proper due diligence, and allowing fraudulent transactions without adhering to anti-money laundering and KYC norms. This payout, significantly exceeding its reported exposure, aims to resolve claims from NMC Health and its affiliates, stemming from a fraud discovered between 2012-2020.
Bank of Baroda settles NMC Health dispute for $600 million; Q1 credit grows 17%
Bank of Baroda has settled a significant legal dispute with NMC Health entities for USD 600 million, resolving claims under UAE and UK regulations. The bank's Abu Dhabi branch facilitated the payment, concluding proceedings without admitting liability. In other news, BoB reported robust financial performance, with credit growth reaching 17% and total deposits rising 14% in the first quarter of FY27.
UK seeks to rein in Big Four with new, revamped audit rules
The widely awaited overhaul comes after lawmakers and practitioners promised to improve audit quality following a series of high-profile missteps such the collapse of Carillion Plc in 2018 and the BHS Ltd. failure in 2016. All of the major auditors accepted the need to change auditing since then and restructured their audit practices.
Short sellers got crushed in 2020 as Tesla, Moderna soared
A monthly index of short-selling hedge funds is down 32% this year through October, according to data provider Hedge Fund Research.
Businessman BR Shetty seeks India probe of NMC, Finablr ex-CEOs over $6 bln scandal
Several companies linked to Shetty, including top United Arab Emirates hospital operator NMC Health PLC and payments firm Finablr PLC, have come under severe financial strain this year after short-seller Muddy Waters questioned NMC's financials. At issue, Muddy Waters said, were questions about NMC's asset purchase prices and capital expenditures, which it said were both inflated.
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Wealthy facing margin calls show pitfalls of pledged shares
Adani and his family put up an additional $1.4 billion of shares as collateral on existing debt.
Abu Dhabi wealth fund weighs stake in BR Shetty’s troubled NMC
The potential deal comes as NMC faces allegations by Carson Block’s Muddy Waters Capital LLC that its financial statements hint at potential over payment for assets, inflated cash balances and understated debt.
Hospital operator NMC ousts CEO after finding irregularities
CEO Prasanth Manghat will be succeeded on an interim basis by Michael Davis.
Jet-setting billionaire Bavaguthu Raghuram Shetty had it all. Then Carson Block came along
Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.
BR Shetty resigns from ailing NMC Health
“The resignation of senior board members should be viewed positively,” said Abdulla Nahlawi.
How Muddy Waters is hammering Indian billionaire’s NMC Health
NMC’s margins are “too good to be true” relative to peers, said Muddy Waters.
UAE-based Indian billionaire Shetty hit by double blow in stock market
Shetty, 76, a native of Karnataka state in southwest India, moved to Abu Dhabi in 1973 and founded NMC in 1975.
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