Finablr founder BR Shetty resigns amid HMRC probe
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The founder of Finablr has resigned as co-chair of the scandal-hit payments firm as UK tax authorities move to shut down parts of the business.
Indian mogul BR Shetty has stepped down from the board with immediate effect, the company announced today.
The London-listed firm has been on the rocks since the discovery of more than $1bn in undisclosed debts and reports of unauthorised loans, which led to its shares being suspended.
Finablr today said it had received notification from HMRC of the suspension of its Xpress Money Services division and the proposed suspension of its UAE Exchange Limited subsidiary.
“Suspension of business registration would result in cessation of business by the relevant entities unless and until the suspension is lifted,” Finablr said in a statement. “The company intends to work with HMRC to attempt to restore the registrations.”
Finablr, which is based in the United Arab Emirates, warned in March that it was at risk of going bust and called in US law firm Skadden to investigate any potential misconduct.
Its Travelex business was last month put into administration with the loss of more than 1,300 jobs.
Shetty’s resignation is the latest blow in a torrid period for the former billionaire. Shetty also founded hospital operator NMC Health, whose shares were suspended earlier this year after evidence of potential fraud was uncovered.