TIDMFIN
RNS Number : 3154L
Finablr PLC
29 April 2020
29 April 2020
Finablr PLC ("Finablr" or the "Company")
Statement from Co-Chairman Dr B.R. Shetty
The Company notes the Statement made Co-Chairman Dr B.R. Shetty
as set out below in full. The Company takes all allegations of
fraud and wrongdoing with the utmost seriousness and will continue
actively to pursue all available lines of enquiry.
Statement from Dr B.R. Shetty
Out of respect for due process and to allow the various UK and
UAE authorities and investigations, including my own, to quickly
expedite their mandates, I have refrained, to date, from making any
extensive public statements. This restraint in speaking out has
come at great personal cost to me both reputationally and
materially. However, given my own legal and forensic investigations
are now starting to produce some initial findings, and in
consideration of some misleading and inaccurate allegations and
claims made against me, now is the right time to do so.
For the sake of clarity, I ceased having a day-to-day executive
role in NMC Health PLC ('NMC') in 2017 and since then I have been a
joint non-executive chairman and shareholder of NMC. I stepped down
from the board of NMC on February 16th, 2020. The series of events
since December 2019 have shocked me as much as anyone else,
including the alleged fraud and misconduct at NMC, as well as the
existence and extent of undisclosed company debts.
The preliminary findings provided by my advisors from my own
investigations indicate that serious fraud and wrongdoing appears
to have taken place at NMC, Finablr PLC ('Finablr'), as well as
within some of my private companies, and against me personally.
This fraud also appears to have been undertaken by a small group of
current and former executives at these companies.
Some of these preliminary findings include, but are not limited
to;
-- The fraudulent creation and operating of bank accounts in my
name including many fraudulent transfers that I neither authorised,
consented to, or had any knowledge of.
-- The fraudulent creation of loans, personal guarantees,
cheques and bank transfers in my name, and using my forged
signature, that I neither authorised, consented to, or had any
knowledge of.
-- The creation and set-up of companies in my name that I
neither authorised, consented to, or had any knowledge of, and that
were seemingly created with the express intention to commit or
conceal fraud.
-- The fraudulent creation of powers of attorney, and the misuse
of existing powers of attorney, again in my name, that I that I
neither authorised, consented to, or had any knowledge of.
-- The creation and provision to me of false and misleading
financial statements and information regarding the performance of
some of my private companies and investments by members of my own
management team.
-- The payments of expenses using my private companies and
personal bank accounts, I believe to hide the true financials of
the public companies.
My advisors and I have therefore shared information and evidence
from our findings with all relevant boards, as well as with
relevant law enforcement and regulatory authorities. We will
continue to proactively share this information as this work
continues and in order to assist these parties with their own
investigations and inquiries.
I remain fully committed to working with both companies and all
relevant authorities in the UAE and UK to ensure that all
stakeholders are provided with as full and comprehensive an
understanding of the entire situation as I can, as well as all the
facts as I know them, as quickly as possible.
I am vigorously pursuing, all legal actions and remedies
available to me against those who have committed fraud against my
businesses and myself.
The businesses my family and I have started in the UAE, and
elsewhere, over the last 45 years were established on the
fundamental principles of hard work, determination, decency,
integrity and trust. This great country has provided a hugely
supportive environment in which to establish and grow our
businesses and it has bestowed countless blessings on my family and
I. In return, we had hoped to provide some benefit and service to
its citizens and residents.
To see everything that my family and I have strived to build
over the past 45 years eroded over the course of a few short
months, and mainly due to the misconduct and wrongdoing of people I
put so much trust in, saddens me beyond words. It has also left my
entire family in a perilous financial position.
My greatest regret is for the thousands of hardworking employees
in the companies we established who are now enduring extreme
uncertainty and hardship, especially during the current public
health crisis. It also pains me to see the damage caused to my
business partners, shareholders and other stakeholders who we have
worked with for so long.
I intend to work tirelessly to clear my name and assist any
authorities in getting to the truth and help them ensure that
misappropriated or missing funds are returned by the perpetrators
to their rightful owners.
Dr B.R. Shetty
END
Enquiries
The Company
Finablr PLC
Robert Moorhouse, Group Company Secretary +44 7825 213767
Ryan Ayache, Head of Investor Relations +971 2 3073 176
For more information, visit the Finablr website:
www.finablr.com
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END
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