19th Feb 2020 11:37
(Alliance News) - Currency services provider Finablr PLC on Wednesday said it has "urgently" called on the family of Co-Chair Bavaguthu Raghuram Shetty to clarify "purported arrangements" he has made with two other investors involving shares in the company.
The statement comes hot on the heels of NMC Health PLC, which on Tuesday asked Shetty to clarify his "shareholding arrangements". Shetty, who founded the Abu Dhabi-focused hospital group, resigned as NMC's non-executive chair on Monday.
Finablr said: "In relation to purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Mulhairi, the independent directors of the company have continued urgently to seek further information from the Shetty family to clarify the position as to the respective interests in the company's shares."
Khalifa Butti Omeir Bin Yousef stepped down as vice-chair of NMC Health on Friday.
On Monday last week, Finablr said it was made aware of arrangements made between Shetty, Al Qebaisi and Al Mulhairi.
Finablr said at the time: "The extent to which the purported arrangements may have affected their respective interests is not yet known to the company. The position is being reviewed by the company and a committee of independent directors of the company."
Shetty founded FTSE 250-listed Finablr, which now owns currency firm Travelex, in 2018. He is co-chair of the company, alongside Michael Tomalin.
On Tuesday, NMC received notice that Shetty's investment company sold GBP111.8 million worth of shares across a series of transactions earlier in February.
Across six transactions between February 3 and February 6, BRS International Holding Ltd, which Shetty is the sole shareholder of, sold 10.9 million NMC shares for GBP111.8 million, according to an automatically generated statement received by NMC on Sunday.
Finablr shares were up 0.7% at 75.65 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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