00:00A year into the B.R. Shetty case and the latest development is that a court in London has
00:07put a freeze on any asset disposals by Dr. B.R. Shetty, founder of Abu Dhabi-headquartered
00:12NMC Healthcare.
00:14The freeze also applies to other shareholders and former top executives, including Prashant
00:20Mangat, who stepped down as CEO in late February last year.
00:24The latest court order is sweeping in its impact.
00:27No assets held anywhere in the world by these individuals can now be sold.
00:31In recent months, court orders freezing Shetty's assets has been issued in Dubai as well as
00:37in India after lenders brought charges.
00:40It was just over 12 months ago that the NMC Health financial crisis started to unspool.
00:46It eventually led to a damning detail that billions of dirhams in bank loans and credit
00:51were diverted from NMC accounts over a period of years.
00:55The extent of the exposure are still being worked on, but some estimates place it more
01:00than $4 billion.
01:02Since April, NMC has been under administration.
01:05During a media briefing last week, senior NMC management declined to go into the current
01:11status of investigations against Shetty and others.
01:14This is a developing story.
01:16For more details, log on to gulfnews.com.
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