NMC in safer hands with new chairman Belhoul, says Shetty


khaleejtimes, 29-03-2020 17:32:22


Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


 NMC in safer hands with new chairman Belhoul, says Shetty

Founder ’’will come out with a candid account of the true facts behind the turmoil when the time comes’

BR Shetty, the founder and former chairman of NMC Health, said on Saturday that the healthcare provider would be in safer and able hands under its new chairman Faisal Belhoul, a seasoned investor in health and education sectors.

Speaking to Khaleej Times from Bengaluru, when this scribe called him to offer condolences on the death of his elder brother, Shetty said he was delighted to hear about Belhoul’s appointment as NMC chairman and immediately pledged his solidarity and support to him in overcoming the challenges the hospital operator currently faces.

"I have no doubt that the future of NMC Health, which I had founded decades ago, will be safer and brighter in the hands of such a successful and pragmatic entrepreneur like Faisal, who has an excellent track record of accomplishments." Shetty said he is confident that NMC Health, the UAE’s pioneering private-sector healthcare initiative and a homegrown global brand, would be able to tide over the current crisis with Belhoul at its helm.

"I have also advised some of the senior staff members of NMC who had been in touch with me to stay put and extend their full support to the new chairman to ensure that NMC tide over the critical phase and retain its status as a regional healthcare icon," Shetty said.

"I have been keeping away from the UAE as I wanted to be near my bed-ridden elder brother, who was my guide and teacher. But some section of the media had been very harsh, alleging that I fled from the UAE as NMC Health, which I founded and nurtured, was facing a crisis. All what I can say now is that I will come out with a candid account of the true facts behind the turmoil when the time comes," said Shetty, sounding emotional.

Shetty, who is a minor shareholder of NMC Health owning a 5 per cent stake, said he stepped down from active management of the company in 2017 and since then had not been involved with its operations that were directly handled by its former chief executive officer Prasanth Manghat, who sacked by the NMC board as the turmoil at the debt-ridden company escalated.

Shetty’s elder brother Bavaguthu Sachidananda Shetty, who passed away on Saturday morning at Manipal Hospital, Bengaluru, was 82. He was a veteran insurer and retired as a manager with Life Insurance Company of India.

NMC’s new boss Belhoul, who is currently serving as the managing director of Ithmar Capital Partners that owns a 9 per cent stake in the healthcare provider, took over from Mark Tompkins, who had stepped down, days after the embattled firm disclosed that its debt position had piled up to $6.6 billion from the previously estimated $5 billion.

NMC Health, which is listed on London Stock Exchange, has been beset by allegations of financial irregularities ever since US short-seller Muddy Waters Research accused in December that the healthcare provider had amplified cash balances, overpaid for its assets and understated its debt.

NMC’s share value has nosedived since, losing more than 70 per cent of its value over the past months. Its turmoil deepened amid disclosures of mammoth debt currently estimated to be around $6.6 billion, higher than the $5 billion revealed earlier this month and far higher than the $2.1 billion declared in its accounts.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Symphony98 Releases Soul-Stirring Rendition of Len
View More

Way Of Cross on Good Friday 2024 | Live From | St. Theresa’s Church, Kemmannu, Udupi | LIVEWay Of Cross on Good Friday 2024 | Live From | St. Theresa’s Church, Kemmannu, Udupi | LIVE
Good Friday 2024 | St. Theresa’s Church, Kemmannu | LIVE | UdupiWay Of Cross on Good Friday 2024 | Live From | St. Theresa’s Church, Kemmannu, Udupi | LIVE
2 BHK Flat for sale on the 6th floor of Eden Heritage, Santhekatte, Kallianpur, Udupi2 BHK Flat for sale on the 6th floor of Eden Heritage,  Santhekatte, Kallianpur, Udupi.
Maundy Thursday 2024 | LIVE From St. Theresa’s Church, Kemmannu | Udupi |Maundy Thursday 2024 | LIVE From St. Theresa’s Church, Kemmannu | Udupi |
Kemmennu for sale 1 BHK 628 sqft, Air Conditioned flatKemmennu for sale 1 BHK 628 sqft, Air Conditioned  flat
Symphony98 Releases Soul-Stirring Rendition of Lenten Hymn "Khursa Thain"Symphony98 Releases Soul-Stirring Rendition of Lenten Hymn
Palm Sunday 2024 at St. Theresa’s Church, Kemmannu | LIVEPalm Sunday 2024 at St. Theresa’s Church, Kemmannu | LIVE
Final Journey of Patrick Oliveira (83 years) || LIVE From KemmannuFinal Journey of Patrick Oliveira (83 years) || LIVE From Kemmannu
Carmel School Science Exhibition Day || Kmmannu ChannelCarmel School Science Exhibition Day || Kmmannu Channel
Final Journey of Prakash Crasta | LIVE From Kemmannu || Kemmannu ChannelFinal Journey of Prakash Crasta | LIVE From Kemmannu || Kemmannu Channel
ಪ್ರಗತಿ ಮಹಿಳಾ ಮಹಾ ಸಂಘ | ಸ್ತ್ರೀಯಾಂಚ್ಯಾ ದಿಸಾಚೊ ಸಂಭ್ರಮ್ 2024 || ಸಾಸ್ತಾನ್ ಘಟಕ್ಪ್ರಗತಿ ಮಹಿಳಾ ಮಹಾ ಸಂಘ | ಸ್ತ್ರೀಯಾಂಚ್ಯಾ ದಿಸಾಚೊ ಸಂಭ್ರಮ್ 2024 || ಸಾಸ್ತಾನ್ ಘಟಕ್
Valentine’s Day Special❤️||Multi-lingual Covers || Symphony98 From KemmannuValentine’s Day Special❤️||Multi-lingual Covers || Symphony98 From Kemmannu
Final Journey of Lionel John Lewis (74 years) | LIVE from Milagres Cathedral | Kallianpur | UdupiFinal Journey of Lionel John Lewis (74 years) | LIVE from Milagres Cathedral | Kallianpur | Udupi
Rozaricho Gaanch December 2023 issue, Mount Rosary Church Santhekatte Kallianpur, UdupiRozaricho Gaanch December 2023 issue, Mount Rosary Church Santhekatte Kallianpur, Udupi
An Ernest Appeal From Milagres Cathedral, Kallianpur, Diocese of UdupiAn Ernest Appeal From Milagres Cathedral, Kallianpur, Diocese of Udupi
Diocese of Udupi - Uzvd Decennial Special IssueDiocese of Udupi - Uzvd Decennial Special Issue
Final Journey Of Canute Pinto (52 years) | LIVE From Mount Rosary Church | Kallianpura | UdupiFinal Journey Of Canute Pinto (52 years) | LIVE From Mount Rosary Church | Kallianpura | Udupi
Earth Angels Anniversary | Comedy Show 2024 | Live From St. Theresa’s Church | Kemmannu | UdupiEarth Angels Anniversary | Comedy Show 2024 | Live From St. Theresa’s Church | Kemmannu | Udupi
Vespers 2024 | St. Theresa’s Church, KemmannuVespers 2024 | St. Theresa’s Church, Kemmannu
Annual Church Feast 2024 | St. Theresa’s Church, KemmannuAnnual Church Feast 2024 | St. Theresa’s Church, Kemmannu
Confraternity Sunday | St. Theresa’s Church, KemmannuConfraternity Sunday | St. Theresa’s Church, Kemmannu
Kemmannu Cricket Match 2024 | LIVE from KemmannuKemmannu Cricket Match 2024 | LIVE from Kemmannu
CHRISTMAS MASS-2023 | St. Theresa’s Church | Live from Kemmannu | UdupiCHRISTMAS MASS-2023 | St. Theresa’s Church | Live from Kemmannu | Udupi
Annual Day 2023 | Carmel English School, Live From KemmannuAnnual Day 2023 | Carmel English School, Live From Kemmannu
Naturya - Taste of Namma Udupi - Order NOWNaturya - Taste of Namma Udupi - Order NOW
New Management takes over Bannur Mutton, Santhekatte, Kallianpur. Visit us and feel the difference.New Management takes over Bannur Mutton, Santhekatte, Kallianpur. Visit us and feel the difference.
Easter 2023 - Milrachi Lara From Milagres Cathedral, Kallianpur, UdupiEaster 2023 - Milrachi Lara From Milagres Cathedral, Kallianpur, Udupi
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi