Global Fintech Investments Holding, an affiliate of the Prism Group, formed a consortium with RSP to complete the purchase of Finablr in October.
In December, a sale for a nominal $1 was announced, but the buyers will also pay 25 per cent of any funds recovered from third parties in respect of possible historic wrongdoing at the company, up to a maximum of $190 million.
The consortium and Finablr have since been working with regulators and stakeholders to conclude the formalities of the acquisition.
“We are committed to implementing a long-term group-wide transformation programme at Finablr so that it can better serve its customers, strengthen its balance sheet and play a leading role in driving economic growth in the UAE,” Amir Nagammy, co-founder of Prism, said.
PRESS: Barclays In USD130 Million Claim Against NMC, Finablr Founder
Sat, 2nd Jan 2021 12:22
(Alliance News) - Barclays PLC has launched a USD130 million legal claim against the founder of NMC Health PLC and Finablr PLC, the private hospital chain and payments provider caught up in financial scandals over the past year, the Times reported Saturday.
The claim, filed in October at the Dubai International Financial Centre Courts, is over a personal guarantee that Bavaguthu Raghuram Shetty is alleged to have given on debts at part of Finablr, the newspaper said.
https://www.thetimes.co.uk/article/barclays-in-legal-battle-over-shetty-guarantee-pjhhbjkcf
Unlike NMC Health, Finbablr remains listed in London, though its shares are suspended from trading.
D K Shivakumar mocks CM for certifying himself
News Network
January 1, 2021
Bengaluru, Jan 1: Karnataka Congress president DK Shivakumar on Friday mocked Chief Minister BS Yediyurappa over latter s remarks that he will complete his remaining term. What was the need for the CM to say he’ll stay on for two more years? We hadn’t questioned him. He certified himself because there’s panic, Mr Shivkumar said while referring to Mr Yediyurappa’s assertion that there will not be any change in leadership and he would complete his term till 2023. Their own MLAs have been talking about a change in leadership. If a CM has to certify himself, it means there s some danger lurking , the Congress leader averred.
IN BRIEF: Finablr CEO Resigns As Takeover By Prism Group Progresses
Tue, 29th Dec 2020 12:13
Finablr PLC - Abu Dhabi-based payments and foreign exchange provider - Bhairav Trivedi resigns as chief executive officer, effective from Friday, having served only since March. Human Resources & Restructuring Implementation Director Robert Miller is appointed as CEO and board member, also from January 1. Miller joined Finablr in October 2019 from accountants Deloitte LLP, where he had been a partner in the London office. Finablr says acquisition by Global Fintech Investments Holding AG, an affiliate of Prism Group AG, is progressing in line with its announcement of the deal earlier this month. GFIH is buying Finablr Ltd, the remaining part of the Finablr group, for a nominal USD1, but also will provide working capital support to enable Finablr to continue to operate and pay employees and creditors.
Finablr, which includes the UAE Exchange, Xpress Money, Bayan Pay, Remit2India and Unimoni brands, has endured a torrid year linked to problems at Mr Shetty s companies that led to billions of dollars worth of undiscovered debts being uncovered.
Mr Shetty has claimed he is the victim of a fraud perpetrated by former managers, who forged cheques and other documents without his knowledge.
Finablr floated in April last year in a deal that valued it at £1.23 billion ($1.66bn), but its shares were suspended in March after the UAE Central Bank moved in to undertake direct supervision of its UAE Exchange business. In May, the group said investigators uncovered previously unreported debts of about $1bn, sparking a restructuring that led to its Travelex subsidiary being taken over by its lenders in July.