UAE - Mubasher: Payments group Finablr announced the resignation of its founder BR Shetty as co-chairman and director with immediate effect, according to Reuters.
This decision came a month after the UK-headquartered company had appointed law firm Skadden to investigate its undisclosed debt of about $1 billion in its balance sheet earlier this year.
Meanwhile, the company announced that a notice from the UK’s tax and customs authority, HM Revenue & Customs, was sent to the company to suspend business registration of its subsidiaries, UAE Exchange UK and Xpress Money Services.
The company added that it will work with HM Revenue & Customs to restore the registrations.
It is noteworthy to mention that in July, a Dubai court has issued a decree to freeze the assets of NMC Health Founder BR Shetty worldwide due to his debt.
