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 shares were suspended from trading in London in March after a series of bombshells. A major cyber attack on the company at the start of 2020 was followed by travel restrictions due to the coronavirus pandemic, meaning a slump in demand for currency exchange. In August, Bavaguthu Raghuram Shetty resigned as Finablr's co-chair. Shetty until mid-February also chaired UAE-focused hospital operator NMC Health. In April, Shetty said "serious fraud and wrongdoing" had taken place at Finablr and NMC, but he said he had "no knowledge" of transactions made under his name. Shetty said bank accounts were fraudulently created under his name, something he said he had no knowledge of nor had he consented to.
By Tom Waite; [email protected]
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