|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||10.48 - 11.90|
|52-week range||3.10 - 228.40|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Ernst & Young did not immediately respond to a Reuters request for comment. Finablr, which owns Travelex, had warned this month that it was preparing for potential insolvency, while operations of its unit in the United Arab Emirates (UAE) were seized by the country's central bank. The company's problems started when U.S. shortseller Muddy Waters took aim at NMC Health , which shares the same founder as Finablr - BR Shetty.
Travelex-owner Finablr warned on Tuesday it was preparing for potential insolvency, while operations of its unit in the United Arab Emirates (UAE) was seized by the country's central bank. The developments are the latest setbacks for London-listed Finablr, which along with troubled UAE hospital operator NMC Health was founded by Indian-born businessman BR Shetty. The UAE's central bank said late on Tuesday it has taken control of the operations of UAE Exchange, and its inspection team started examining the firm to verify its compliance with applicable laws and regulations.
Separately, UAE Exchange, a Finablr subsidiary, has suspended all new transactions at UAE branches, it said in a statement on Monday. "Due to certain operational challenges, we have temporarily suspended acceptance of any new transactions at UAE Exchange branches and via our online channels," UAE Exchange said. The firm, which has over 150 branches in the UAE, engages in money transfers, foreign exchange and payments services.
(Bloomberg) -- Finablr Plc, the owner of currency-exchange businesses including Travelex Holdings Ltd., warned it may not be able to continue operating and said Chief Executive Officer Promoth Manghat will step down.The company, caught up in the widening scandal at a related business, hospital operator NMC Health Plc, said it’s investigating about $100 million in checks dating from before its May initial public offering that were used to benefit third parties. Because of this, Finablr is unable to accurately assess its financial position, the U.K.-listed company said in a statement on Monday.“The board is looking to put in place a package of urgent measures aimed at restoring confidence and stability across its stakeholders,” the company said.Those steps include beginning a search for a new CEO, setting up a committee of independent directors to review Finablr’s liquidity position and hiring compliance consultancy Kroll to review its finances. Finablr will also add to its team and plans to appoint an independent adviser. Its shares were suspended, and Finablr said that for now, it can’t provide some payment-processing services.Last week, Finablr warned that it was taking urgent steps to address liquidity after fallout from the financial scandal at NMC and travel restrictions around the world because of the coronavirus.Finablr’s stock has plunged about 94% this year because of its ties to NMC. Both companies were founded by Bavaguthu Raghuram Shetty. The hospital company said last week that a probe of financial irregularities revealed potentially fraudulent activity. NMC previously said it had uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes.Finablr said its board had been informed that there aren’t any undisclosed related-party transactions or unrecorded off-balance-sheet financing arrangements, though it was planning to commission an independent investigation into the company’s financial arrangements.\--With assistance from Suzi Ring.To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Paul Sillitoe, Nate LanxonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Thursday is arguably the day the impact became tangible, as a slew of UK companies warned coronavirus was hurting their business.
Shares in Finablr plunged by more than 60% after the Travelex owner warned of a coronavirus-related 'liquidity squeeze'.
A Finablr spokesman declined to elaborate on the exact nature of what the company described as "an independent investigation" into its "financial arrangements" and which comes after its Travelex business was hit by a damaging ransomware attack and as it contends with disruption from the coronavirus pandemic. NMC Health , which shares the same founder, issued a short statement an hour later saying that a review by external advisers had shown evidence pointing to suspected fraud related to some of its previous financial activities. The financial difficulties of founder BR Shetty appear to be spreading to other companies of his portfolio and London-listed Finablr said it was taking urgent steps to assess its current liquidity and cashflow situation.
The FTSE 100 index , which had recovered on Friday after the World Health Organisation issued a measured assessment of the virus, stumbled 2.3%. News that China's death toll from the coronavirus discovered at the end of last year has risen to 81 dragged an index of leisure and airline stocks down 2.6% to its worst day in more than three and a half years. The sector is exposed to a slowdown in the travel market because of the outbreak, with some standout individual losers including British Airways owner IAG , which dropped 5.4%, and China-exposed luxury brand Burberry , down 4.6%.
Shares in payments company Finablr plunged 27% on Friday after it disclosed its majority owner, UAE-based Indian billionaire B. R. Shetty, had pledged over half the company's stock as security against debts it incurred buying Travelex. In response to the share price drop, Finablr in a statement said it had sought clarifications from BRS, an investment vehicle owned by Shetty, which had reassured it about the level of security represented by its holding in Finablr and the talks it has had with its banking group about repayment or refinancing of the debt. Another of Shetty's London-listed firms, United Arab Emirates' largest private healthcare provider NMC Health has halved in value after being hit in December by U.S. short-selling firm Muddy Waters.