Indian Entrepreneur Ordered To Pay $131 Million To Barclays
NDTV
The lender turned to a London court after a Dubai judge ordered Bavaguthu Raghuram Shetty to pay the money after his foreign exchange business failed to meet a transaction agreement with Barclays in 2020.
Barclays Plc won a legal fight to enforce an award of around $131 million against the founder of troubled NMC Health Plc.
The lender turned to a London court after a Dubai judge ordered Bavaguthu Raghuram Shetty to pay the money after his foreign exchange business failed to meet a transaction agreement with Barclays in 2020.
Shetty's lawyers said at a December hearing in the U.K. that he is "financially paralyzed" and asked for the suit to be adjourned so he could get proper legal representation. A London judge rejected that application on Monday.
Shetty, 79, is facing a number of freezing orders, including in India where he is currently stranded, his lawyers said. As part of this case, Barclays obtained a worldwide freezing order against Shetty, including against a London property.