NMC Health founder BR Shetty breaks his silence: I intend to return to the UAE – The National

NMC Health founder BR Shetty breaks his silence: I intend to return to the UAE – The National

Exclusive: The billionaire founder of embattled NMC Health tells The National he flew to India in early February for personal reasons. BR Shetty, the founder of NMC Health, which was placed into administration by a UK court last week and faces criminal charges, said he flew to India in early February for personal reasons.. Reports had suggested that Mr Shetty fled to India as legal and operational challenges mounted in relation to his companies NMC Health and Finablr, both listed on the London Stock Exchange.. Abu Dhabi Commercial Bank has initiated criminal legal proceedings with the attorney general in Abu Dhabi against a number of individuals linked to NMC Health.. Overall, UAE banks have a combined exposure of at least Dh8bn to the healthcare firm.. Other significant creditors include Abu Dhabi Islamic Bank, Dubai Islamic Bank, Barclays and Standard Chartered.. The company has made a series of damaging disclosures in the past few months after a report by activist investor Muddy Waters in December alleged it inflated cash balances, overpaid for assets and understated its debt.. Last month, NMC revealed its debt stood at $6.6bn, substantially higher than the $2.1bn declared in its last filed accounts.. In February, the UK's