B. R. Shetty

Bavaguthu Raghuram Shetty (born 1 August 1942) is an Indian-born businessman and former billionaire, the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi–based NMC Health,

In 1975, Shetty's interest was in hospitals and hospitality. He then diversified into pharmaceuticals, financial services, retail, advertising, and information technology. He was included on the Forbes list of India's 100 Richest People in 2015 and was listed as the 42nd richest person in 2019.

In 2020, Shetty resigned from his board position while investigations were underway. On 8 April 2020, NMC Health went into administration in the United Kingdom due to corporate governance concerns and a share price in freefall. Due to sharp drops in share prices, and shares pledged by Shetty to pay for debts incurred, it is believed that his net worth has fallen to a fraction of the earlier estimate of $3.5 billion. Consequently, Forbes dropped Shetty from its 2020 annual list of billionaires.

On 15 April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the Attorney General's Office of UAE. Indian agencies initiated a probe to identify potential risks to Indian banks, if any. On 27 April 2020, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms.

Early life Shetty was born at the family's ancestral estate, Bavaguthu House Udupi on 1 August 1942 into a Tulu speaking, Bunt family, the son of Shambhu Shetty and his wife Koosamma Shetty. His mother tongue is Tulu and he studied in a Kannada medium school. Shetty completed his pharmaceutical education from Manipal in India and also served as the Vice-Chairman of the Municipal Council in Udupi. He married Chandrakumari Shetty and has four children.

Career

Shetty immigrated to the UAE in the year 1973. After working as the country's first medical representative, At that time, his wife was the only doctor in the clinic. Consequent to the request from the NMC board of directors and an on-going investigation of potential financial irregularities, the company was de-listed from London Stock Exchange and was removed from FTSE 100 index.

Multiple reputable sources describe Dr. B. R. Shetty as the founder or the individual who established UAE Exchange in 1980 to facilitate remittance services for expatriates sending funds to their families in their home countries. . By 2016, it had expanded into over 31 countries and had approximately 800 direct offices. In 2014, it did over US$50 billion collectively in money remittance and exchange volumes. Shetty acquired Travelex, a major foreign exchange company, in 2014.

In 2003, Shetty founded NMC Neopharma, a UAE-based pharmaceutical manufacturer.

In June 2016, Shetty announced that he was building the first medical university in Abu Dhabi in honor of Sheikh Zayed. In August 2016, Shetty announced that he was building a 400-bed super-specialty hospital in Udupi in Karnataka through B R S Ventures. Shetty also owned a hospital in Alexandria, two hospitals in Nepal, and acquired a hospital in Cairo as part of his personal portfolio under the same company.

In February 2020, reports emerged regarding shareholder disclosures and ownership interests in NMC Health. During the same period, Shetty resigned from his position as Co-Chairman and Director of NMC Health while investigations and regulatory reviews concerning the company were underway.

During that period, the company experienced a number of developments related to corporate governance and financial disclosures.

On 8 April 2020, NMC went into Administration in the UK due to the insolvency of the company.

Philanthropy In May 2018, Shetty along with three other Abu Dhabi–based business tycoons signed The Giving Pledge.

Other activities Shetty was an activist of the erstwhile Jan Sangh, the predecessor to the BJP, before he went to the UAE.

Shetty played a key role in organizing a visit of Modi to Abu Dhabi.

Shetty has invested in a medical institution in the north Indian state of Uttarakhand. He is the founder and patron of the Indian Pharmaceutical Association in the Emirates, and is a member of the Advisory Board (Financial Sector), Economic Department, Government of Dubai, UAE, and the Pharmaceutical Committee, Dubai. He was the chairman of Abu Dhabi Indian School, Abu Dhabi Indian School-Branch 1, Al Wathba, and Bright Riders School until 2019. His position in Abu Dhabi Indian School and Abu Dhabi Indian School-Branch 1, Al Wathba was taken up by the UAE-based Indian billionaire Yusuff Ali M.A.

In August 2015, Shetty was elected as the chairman to the board of directors of UAE Exchange. He was named chairman of The Indian Business/Professional Group in June 2016. Sheikh Mohammed bin Rashid al Maktoum nominated Shetty as a member of the UAE medical council in September 2016.

In April 2017, Shetty announced that he would invest Rs 1000 crore ($157.3 million) to produce a film with director V. A. Shrikumar Menon. The film, starring Mohanlal, was to be based on the novel Randamoozham, a retelling of Mahabharata. In May 2019, however, the film was shelved due to creative issues.

Awards and recognition In 2005, Shetty was awarded the highest civilian distinction in the Emirate, the Abu Dhabi Awards. Given by Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, the first year the distinction was awarded. Also in 2005, U.S. India Friendship Society presented Shetty the Distinguished Entrepreneur Award.

The Indian government gave Shetty the Pravasi Bharatiya Samman award in 2007. Shetty received the Padma Shri awarded by the President of India in 2009.