Dubai court delivers major verdict against Indian businessman BR Shetty

DUBAI: The Dubai International Financial Centre (DIFC) Court, which deals with financial matters in the Emirate of Dubai, has ordered Indian businessman BR Shetty to pay approximately $46 million.

According to the court, Shetty lied under oath about a personal guarantee for a $50 million loan in 2018.

Justice Andrew Moran of the Dubai International Financial Centre (DIFC) Court said that BR Shetty’s testimony was “an incredible series of lies and contradictory claims.”

The court issued the verdict based on all documentary evidence and photographs, including confirmation of BR Shetty’s signatures.

The court also imposed an annual interest of 9% until the full repayment of the loan, under which the Indian businessman BR Shetty will have to pay approximately $11,341 per day in interest.

BR Shetty established a healthcare system (hospital) in the United Arab Emirates in 1975, which became the country’s largest private healthcare company.

However, after the revelation in 2019 of $4.4 billion in previously concealed loans, the company collapsed financially, prompting BR Shetty to resign from his position and leave for India.