British banking giant Barclays sues BR Shetty to recover $130m
Michael Fahy, 25 February 2021
Banking giant Barclays is seeking $130 million from embattled Indian businessman BR Shetty through a claim filed in the Dubai International Financial Centre Courts.
The bank in a court filing says its claim “is in relation to an unlimited guarantee” provided by Mr Shetty in January 2015 for funding extended to UAE Exchange, part of the businessman’s Finablr money exchange and digital payments group.
“Despite certain liabilities becoming due and payable by the defendant to the claimant under the guarantee, the defendant has failed to pay these,” according to the court filing.
The court claim, seen by The National, says UAE Exchange has been a client of Barclays since 2007 and has used the bank’s online trading platform since 2012. It says Barclays paid out more than $129m over a three-day period from March 10-13 to cover foreign exchange transactions, which the company was obliged to settle in various currencies “but failed to do so”.
Barclays says it first became aware UAE Exchange had failed to make settlements on March 17, the same day that the UAE Central Bank stepped in to oversee the company’s operations.
