NEW DELHI: BR Shetty, the richest Kannadiga in the world with an estimated net worth of $1.6 billion, is in trouble. Shares of his company, Abu Dhabi-based NMC Health, have dropped 70% since mid-December, following allegations that NMC made potential overpayment for assets, inflated cash balances and understated debt.
Here is all you need to know about the billionaire:
* Bavaguthu Raghuram Shetty resigned on Monday as co-chairman of NMC Healthcare after UK regulators said they were looking into NMC following a disclosure that he had misstated the size of his NMC stake.
* Born in 1942 to a humble family in Udupi, Karnataka, Shetty is famously known for owning two floors in the world's tallest structure, Dubai's Burj Khalifa. He also owns residential buildings in Dubai, Abu Dhabi, London, Perth, Bengaluru, Mangaluru and Udupi.
* Shetty began his career as the vice-chairman of the municipal council.
* India's 42nd richest person in 2019 according to Forbes, Shetty also used to work as a pharma salesman.
* He moved to the UAE in 1973 with a clinical degree in pharmacy.
* Founded New Medical Centre (NMC) in 1975, the first healthcare company from the region to list on the London Stock Exchange in 2012. Shetty has also founded London-listed payments company Finablr and pharmaceutical manufacturer Neo Pharma.
* Shetty also owns healtRead More – Source
NEW DELHI: BR Shetty, the richest Kannadiga in the world with an estimated net worth of $1.6 billion, is in trouble. Shares of his company, Abu Dhabi-based NMC Health, have dropped 70% since mid-December, following allegations that NMC made potential overpayment for assets, inflated cash balances and understated debt.
Here is all you need to know about the billionaire:
* Bavaguthu Raghuram Shetty resigned on Monday as co-chairman of NMC Healthcare after UK regulators said they were looking into NMC following a disclosure that he had misstated the size of his NMC stake.
* Born in 1942 to a humble family in Udupi, Karnataka, Shetty is famously known for owning two floors in the world's tallest structure, Dubai's Burj Khalifa. He also owns residential buildings in Dubai, Abu Dhabi, London, Perth, Bengaluru, Mangaluru and Udupi.
* Shetty began his career as the vice-chairman of the municipal council.
* India's 42nd richest person in 2019 according to Forbes, Shetty also used to work as a pharma salesman.
* He moved to the UAE in 1973 with a clinical degree in pharmacy.
* Founded New Medical Centre (NMC) in 1975, the first healthcare company from the region to list on the London Stock Exchange in 2012. Shetty has also founded London-listed payments company Finablr and pharmaceutical manufacturer Neo Pharma.
* Shetty also owns healtRead More – Source
