Shocker! BR Shetty's company that owns UAE Exchange sold for $1

Agencies
December 18, 2020

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Abu Dhabi, Dec 18: UAE-based Indian billionaire BR Shetty’s company Finablr Plc is getting ready to selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.5 billion pounds ($2 billion) last December.

Finablr, the scandal-marred platform for payments and foreign exchange solutions, announced that it has entered into ‘a definitive agreement’ with Global Fintech Investments Holding (GFIH), an affiliate of Prism Group of Israel, to sell to GFIH the entire issued share capital of Finablr Limited.

Prism Group, linked to a former Israeli Prime Minister Ehud Olmert, has formed a consortium with Abu Dhabi's Royal Strategic Partners (RSP) in connection with the transaction. RSP, which is headed by Abubaker Al Khoori, is affiliated with Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council.

Finablr had a market value of $2 billion last December. It reported more than $1 billion in undisclosed debts in April.

The deal is also among the first significant commercial transactions between UAE and Israeli companies after the countries signed a normalization accord earlier this year. Since then, agreements have been signed-in sectors ranging from banking to mobile phone services. Israel’s Finance Ministry sees potential for annual bilateral trade starting at $2 billion and building up to $6.5 billion.

In April, Finablr found out about $1 billion of debt hidden from its board after a US investment firm alleged that NMC Health inflated cash balances and understated its debt. This scandal pushed Finablr’s sister firm NMC Health Plc — which was at one stage valued at $10 billion on the LSE and was a top healthcare provider in the UAE — into administration.

In an LSE filing, Finablr said, “In return for the transfer of Finablr to GFIH, in addition to the nominal initial consideration of US$ 1 payable, GFIH is providing working capital support to the company to enable it to continue to operate and support various stakeholders, including employees and creditors.”

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News Network
December 2,2025

Puttur: The long-cherished dream of a government medical college in Puttur has moved a decisive step closer to reality, with the Karnataka State Finance Department granting its official approval for the construction of a new 300-bed hospital.

Puttur MLA Ashok Kumar Rai announced the crucial development to reporters on Monday, confirming that the official communication from the finance department was issued on November 27. This 300-bed facility is intended to be the cornerstone for the establishment of the government medical college, a project announced in the state budget.

Fast-Track Implementation

The MLA outlined an aggressive timeline for the project:

•    A Detailed Project Report (DPR) for the hospital is expected to be ready within 45 days.

•    The tender process for the construction will be completed within two months.

Following the completion of the tender process, Chief Minister Siddaramaiah is scheduled to lay the foundation stone for the project.

"Setting up a medical college in Puttur is a historical decision by the Congress government in Karnataka," Rai stated. The project has an estimated budget allocation of Rs 1,000 crore for the medical college.

Focus on Medical Education Department

The MLA highlighted a key strategic move: requesting the government to implement the hospital construction through the Medical Education Department instead of the Health and Family Welfare Department. This is intended to streamline the entire process of establishing the full medical college, ensuring the facilities—including labs, operation theatres, and other necessary infrastructure—adhere to the strict guidelines set by the Medical Council of India (MCI). The proposed site for the project is in Bannur.

Rai also took the opportunity to address political criticism, stating that the government has fulfilled its promise despite "apprehensions" and "mocking and criticising" from opposition parties who had failed to take similar initiatives when they were in power. "Chief Minister Siddaramaiah has kept his word," he added.

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News Network
November 24,2025

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Israeli forces have pushed over the Syrian frontier, erecting a checkpoint and stopping vehicles in the southwestern city of Quneitra, in yet another breach of the Arab country’s sovereignty.

The violation took place on Sunday, when the troops made their way across the border, setting up the outpost near the Ain al-Bayda junction in northern Quneitra, Syrian outlets reported.

According to the al-Ikhbariya paper, an Israeli detachment positioned itself at the junction, halting cars and conducting searches.

The Syrian Arab News Agency (SANA) reported that three Israeli military vehicles then moved further into the northern countryside, deploying between the town of Jubata al-Khashab and the villages of Ofaniya and Ain al-Bayda. The agency added that a separate Israeli unit mounted a new incursion in the central region, approaching the villages of Umm Batina and al-Ajraf.

Residents said such activities have surged in recent months, pointing to Israeli advances onto farmland, leveling of extensive forested areas, arrests, and spread of mobile checkpoints.

The Israeli regime began markedly increasing its military aggression against Syria last year.

The escalation coincided with increasingly ferocious onslaughts throughout the country by the so-called Hay'at Tahrir al-Sham (HTS) Takfiri terrorist group, which the government of President Bashar al-Assad had confined to northwestern Syria. The HTS, however, managed to overthrow the government as the Israeli attacks would pummel the country’s civilian and defensive infrastructure.

Various reports have shown that, during the escalation, the regime conducted more than 1,000 airstrikes on the Syrian territory and over 400 ground raids into the south.

Following the collapse of the Assad government, Tel Aviv also widened its grip over the occupied Golan Heights by taking control of a demilitarized buffer zone, in defiance of a 1974 Disengagement Agreement. Earlier this month, senior Israeli officials, including Prime Minister Benjamin Netanyahu, visited the buffer zone, prompting expressions of alarm on the part of the United Nations.

The United States, the regime’s biggest ally, has, meanwhile, been fraternizing the HTS head Abu Mohammed al-Jolani amid the widely reported prospect of rapprochement with Tel Aviv.

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News Network
November 30,2025

The United Nations Committee against Torture (CAT) has condemned the Israeli regime for enforcing a policy of “organized torture” against Palestinians.

In a report published on Friday, CAT stated that the occupying regime enforces a deliberate policy of “organized and widespread torture and ill-treatment” against Palestinian abductees, particularly since October 7, 2023, when Israel launched its genocidal war on Gaza.

The committee expressed “deep concern over repeated severe beatings, dog attacks, electrocution, water-boarding, use of prolonged stress positions [and] sexual violence” inflicted on Palestinians.

Palestinian prisoners were degraded by “being made to act like animals or being urinated on,” systematically denied medical care, and subjected to excessive restraints, “in some cases resulting in amputation,” the report added.

CAT also condemned the routine application of “unlawful combatants law” to justify the prolonged detention without trial of thousands of Palestinian men, women, and children.

More than 10,000 Palestinians, including women and children, are currently held in Israeli prisons, according to Palestinian and international human rights groups, with 3,474 Palestinians in “administrative detention,” meaning they are imprisoned without trial for indefinite periods.

The report highlighted the “high proportion of children who are currently detained without charge or on remand,” noting that while Israel sets the age of criminal responsibility at 12, even younger children have been abducted.

Children designated as security prisoners face severe restrictions on family contact, may be subjected to solitary confinement, and are denied access to education, in clear violation of international law.

The committee further suggested that Israel’s policies across the Occupied Territories constitute collective torture against the Palestinian population.

“A range of policies adopted by Israel in the course of its continued unlawful presence in the Occupied Palestinian Territory amounts to cruel, inhuman or degrading living conditions for the Palestinian population,” the report said.

On Thursday, the Palestinian resistance movement Hamas condemned the systematic killing and torture of Palestinian abductees in Israeli prisons, urging international action to halt these abuses.

Citing human rights data, Hamas stated that 94 Palestinians have been killed in Israeli prisons since the start of Tel Aviv’s genocidal war on Gaza.

“This reflects an organized criminal approach that has turned these prisons into direct killing grounds to eliminate our people,” the resistance movement said.

Hamas called on the international community, the UN, and human rights organizations to immediately pressure Israel to end crimes against prisoners and uphold their rights as guaranteed by all international conventions and norms.

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