New Delhi : Indian-origin billionaire BR Shetty’s Finbler PLC is selling its business to the Israel-UAE Consortium for just one dollar (Rs 73.52). Not only do they have billions of dollars of debt on their companies, but they are also being investigated for fraud.
Last December, his business had a market value of 1.5 billion pounds ($ 2 billion), against a billion dollar debt. BR Shetty’s financial services company Finablr announced that it was entering into an agreement with Global Fintech Investments Holding. GFIH is a subsidiary of Israel’s Prism Group, to which Finabler plc Ltd is selling all its assets. Finabler had a market value of two billion dollars in December last year. According to information shared by the company in April this year, it has a debt of over one billion dollars. It is being told that the deal is also about significant commercial transactions between companies in the United Arab Emirates and Israel.
BR Shetty started the UAE Exchange, the oldest remittance business in the Emirates in 1980. The UAE Exchange went public in 2018, together with UK-based exchange company Travellex and a number of small payment solutions providers and Shetty’s Finablr.
77-year-old Shetty is the first Indian to make a lot of wealth in the healthcare industry in the UAE. He started NMC Health in 1970, which later became the first company of its kind in the country before being listed on the London Stock Exchange in 2012. Shetty is said to have arrived in the UAE in the 70s with just eight dollars and started his career as a medical representative.