Special Report - (Namazone):

The UAE banking sector is facing real threats, after the number of troubled companies and financial fraud increased in the recent period, in light of the intensification of the Corona crisis, but the UAE Central and the Banking Union are intensifying their efforts to protect Banks.

 

During the past few days, while the whole world was busy with the developments of the Corona virus, which is accelerating greatly, the UAE scene witnessed several cases of stumbling and fraud, the common factor between them, men Indian works.

the first crisis Last month, March witnessed the emergence of the first crises, when the NMC Healthcare Group, owned by Indian businessman PR Shetty, based in the UAE, announced To her, she failed to default on her debts.

A British court decided to place the group, listed on the London Stock Exchange, under judicial supervision, to protect the assets of the company, which is one of the largest providers of health services in the Middle East.

The group's new CEO, Faisal Belhoul, revealed a strategic plan to restore the company's financial and operational stability and safeguard the interests of lenders.

He pointed out that the new administration is working in cooperation with the authorities in the UAE and the Financial Supervision Authority in the United Kingdom to pursue violators to recover the company's funds, calling on the lenders to postpone the debt claim temporarily to enable the new administration to implement Recovery Plan.

 

New Shock

In May, UAE banks were hit by a new shock, after the announcement of the liquidation of the Phoenix Commodities Group, which specializes in agricultural trade, after accumulating potential losses of about 400 million. Dollars.

 

A document carried by Reuters reported that Phoenix Commodities BVT, owned by Indian businessman Gaurav Dhawan, with offices in Dubai and Singapore, had suffered losses due to financial derivatives. < / p>

The document showed that creditors had been sent a meeting with the liquidators, after executives from the restructuring companies Quantum LLP and KRR were appointed. YS Global as jointly responsible for the liquidation.

It revealed that prior to the appointment of the liquidators, the group had about $ 1.6 billion in bank facilities available with a number of banks based in Singapore, Britain and Dubai.

fraud case

In May, an Emirati English-language newspaper, Gulf News, reported that an Indian businessman named Yogesh Variva had defrauded ...