Prism Group s Swiss subsidiary Global Fintech Investments and Abu Dhabi s Royal Strategic Partners signed a share purchase agreement to buy Finablr, which is listed on the London Stock Exchange, in December.
Finablr, whose companies include the UAE Exchange, Xpress Money, Bayan Pay, Remit2India and Unimoni brands, is being restructured after the group reported undiscovered liabilities in May last year that mean its debts were $1 billion higher than the $334 million reported in its last filed accounts for the year to June 30, 2019.
The company s former owner, BR Shetty, has claimed he is the victim of a fraud perpetrated by former managers, who forged cheques and other documents without his knowledge.
Finablr relaunch plan gains traction issacjohn@khaleejtimes.com Filed on February 8, 2021
The appointment of Matrix is another significant move in consortium’s plan to recapitalise, restructure and rebuild Finablr
The UAE-Israeli consortium, which has acquired the troubled Finablr for $1, said on Monday that steps to recapitalize and revive the debt-ridden global payments solutions group gained momentum with the appointment of Matrix International Financial Services as adviser on financial compliance and fraud prevention measures.
The consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners (RSP) said in a statement that it intends to revitalise Finablr “in order to secure the status of UAE Exchange and Xpress Money as key pillars of the UAE’s financial system in one of the world’s most dynamic, exciting and fastest-growing business destinations.”
UAE Exchange, Xpress Money will restart operations soon issacjohn@khaleejtimes.com Filed on January 24, 2021 | Last updated on January 25, 2021 at 06.20 am
The appointment of the advisor represents a significant milestone in the consortium’s plan to recapitalise Finablr on behalf of its customers, employees and stakeholders, the consortium said in a statement. File photo
The Prism-RSP consortium said the investment bank would advise them on the restructuring and transformation of Finablr Ltd and its subsidiaries.
Two flagship brands of the troubled Finablr Group UAE Exchange and Xpress Money are expected to restart operations soon following the recapitalisation and revamping of the global payment solutions firm.