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Saturday, 19 December 2020

Crying, the Indian businessman sold his 2 2 billion company for just Rs 73

UAE-based Indian-origin billionaire BR Shetty's Finablr Plc is selling its business to the Israel-UAE consortium for just $ 1 (Rs 73.52). Let me tell you, BR Shetty's stars started sinking last year.

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Not only do their companies owe billions of dollars, but they are also under investigation for fraud. The value of their business stood at તેમના 1.5 billion ($ 2 billion) in December last year. While they have a debt of one billion dollars.

Agreement with GFIH

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 GFIH is a subsidiary of Prism Group of Israel. Finablr Plc Ltd. is selling all its assets. 

Prism Group, affiliated with former Israeli Prime Minister Ehud Olmertus, has formed a consortium with Royal Strategic Partners in Abu Dhabi over the transaction.

1 billion debt on Finablar

Finablar had a market value of $ 2 billion in December last year. They owe more than $ 1 billion, according to data released by the company in April this year. As it turns out, the deal is an important commercial transaction between companies in the UAE and Israel.

 Because the two countries signed a normalization agreement earlier this year. Meanwhile, deals ranging from banking to mobile phone services are the signatures of both the countries.

Shares of Shetty's Abu Dhabi-based company NMC Health fell 70 per cent in December, excluding Finablr Plc. Indian-origin billionaire Shetty's companies have also been accused of fraud. That is why the shares of their companies were banned from trading on the stock exchange only last year. 

Thus the credibility of Shetty's companies completely disappeared from the market. No company was willing to invest in their business. The consortium formed between the two countries has decided to take over the company which has lost its credibility.

BR Shetty started the UAE's oldest remittance business, the UAE Exchange, in 1980. UAE Exchange, UK exchange company Travellex and many other small payment solutions providers and Shetty's Finblur went public in 2018. 

Apart from healthcare and finance services, Shetty has also ventured into hospitality, food and beverage, pharmaceutical manufacturing and real estate.

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