Karnataka-born Indian billionaire BR Shetty’s Finablr Plc is selling its business to a consortium with joint ties to Israel and UAE for just $1 (Rs 74). This marks the end of a business that had been valued at $2 billion just last year.
The company, which is a platform for payments and foreign exchange solutions, has been marred with scandal for a long time. Soon after the decision to sell, the company announced that it has agreed with Global Fintech Investments, which is affiliated to the Israeli Prism Group. The latter is connected with former Israeli Prime Minister Ehud Olmert, and they have consorted with Abu Dhabi’s Royal Strategic Partners (RSP) for the transaction. Abubaker Al Khoori heads RSP, which is affiliated with the Vice Chairman of the Abu Dhabi Executive Council Sheikh Hazza bin Zayed.
BR (Bavaguthu Raghuram) Shetty has been a prominent personality in the business circles until his legal issues with UAE. Interestingly, he was very involved in politics at a very stage with two major politicians who have both been Prime Ministers — Atal Bihari Vajpayee and Narendra Modi — supporting his political pursuits in the 60s.
He later moved from politics to being a medical representative to owning a small clinic in Abu Dhabi in just two decades. The enterprise soon grew into a powerful health service empire connecting more than 45 hospitals. However, due to undisclosed debt, the company soon run into legal and financial troubles that created many problems for the businessman. With the sale of his company for Rs 74 marks a low point in this once-powerful businessman’s life.