Finablr (#FIN) – Bhairav Trivedi appointed CEO (good luck chap!), CFO Rahul Pai “has resigned but has agreed to support… until a successor is identified”

Finablr – E&Y resigns as auditors following inadequate board changes, but Dr Shetty remains in post and seems to be in control!

It was announced this morning that Ernst & Young resigned as auditor to fully listed (but suspended) Finablr (FIN), citing concerns arising out of recent events atht e Company and NMC Health plc [NMC]…..the Board of the Company, the adequacy of corporate governance concerns and the recent issues that have caused the Company to commission an independent review of the Company’s financial arrangements, including of related party transactions and on- and off-balance sheet debt”. Quite a list! It’s a shame that Ernst & Young (EY) has shut the stable door so long after the horse has bolted!

Finablr (#FIN): now E&Y resigns as auditor – talk about locking the stable door...

Finablr – all over bar the shouting as the Emergency Fat Lady warms up en route in the taxi

Yesterday I described the lack of liquidity which had led to fully-listed Finablr (FIN) being unable to provide certain payment processing services as sounding terminal. And of course, the company had just turned up a stack of dodgy cheques, the CEO had walked and an investigation which sounded like a full forensic had just been commissioned. Now we learn that the emergency Fat Lady has been called in and is warming up en route to the theatre as we speak.

Finablr (#FIN) – you were warned!; “has engaged an accounting firm to undertake rapid contingency planning for a potential insolvency appointment”

Ouzo Time as Finablr shares are suspended in yet another not-fit-for-purpose FCA shambles. P45 for Andrew Bailey

You were warned and warned and warned again here on ShareProphets to get out of fully-listed Finablr (FIN) as it became clear to us that it was facing the same problems as NMC Health (NMC) which is already surely a zero and with which it shared much of the same senior management (until it was fired by NMC) and where accusations of fraud and theft now abound. Quite why the shares were not suspended weeks ago is a matter for our useless and not-fit-for-purpose FCA which, after all, is supposed to protect investors. This morning the shares were suspended, the CEO has walked, dodgy cheques have turned up and the company’s financial position is unclear (for that, read a zero for shareholders). It would be a mind-bending shock if it had not been so predictable, and it is a calamity.

Finablr (#FIN) shares suspended, CEO walks, dodgy cheques turn up and financial position unclear. Read it and weep, useless FCA (#NFFP)

Now the crook Dr Shetty’s Finablr admits that like NMC it is essentially fucked

You cannot say that myself and Nigel Somerville have not warned you repeatedly and so anyone still owning shares in Finablr (FIN) has only themselves – and folks like ShareSoc and the members of the deadwood press who effectively batted for this company by attacking & smearing bear raider Carson Block – for their losses. The IPO in May 2019 was at 175p. Today after a partial ‘fess up the shares are 9.97p. Ouch.

Finablr (#FIN) – liquidity update (bad), operational update (very bad) and independent investigation (like NMC.....uh-oh). TIMBER!!

Finablr Plc – why the FCA needs to take prompt action & suspend the shares now!

For starters, the scale of the fraud at NMC Health (NMC) is, as of last night, known to be c$3 billion. It might be more. Dr Shetty who set up and runs Finablr (FIN) is a total crook and that is one reason why the shares should be suspended at once. But there is another pressing issue for the world’s most inept regulators to consider...

Finablr – update on Shetty leaves more questions than answers: keep selling

Fully-listed Shetty vehicle and owner of Travelex which is surely in trouble from the panic of corona virus Finablr (FIN) has updated on the good Dr Shetty’s shares. But the update leaves far too many questions unanswered and the shares remain a stonking sell.

Finablr (#FIN) – “completed the recovery of all its customer-facing systems”, updates on Shetty shareholdings including shares pledged as security for borrowings

Finablr – the car-crash continues at Red Flag Central and still no word on Dr Shetty and his mates. SELL!!

Having first landed on fully-listed Finablr at the back end of January when I asked if it was a house of cards at 95p, I have been supping at the ouzo ever since – and the shares are down again today to just 46.75p last seen. But the stock remains a slam-dunk sell – especially in the light of what has happened at fellow Shetty-inspired vehicle NMC Health (NMC). And then there is the cyber-attack at its Travelex operation….and coronavirus…..and the continued silence from the company.

Finablr – will second Shetty vehicle festooned in Red Flags be suspended and how soon?

Withshares in NMC health (NMC) – a soon-to-be-retired member of the illustrious FTSE100 – now suspended in the wake of a string of revelations over founder and now ex-co-chairman’s share dealing shenanigans, dodgy related party share guarantees which one assumes will haunt the company’s bank balance in due course and apparent discrepancies at the bank, Muddy Waters must be celebrating a seemingly total win. But what of fellow main-market play Finablr (FIN), where the warning signs are surely flashing red for similar revelations regarding the same people but as yet the company is remaining tight-lipped. That surely is a giant-sized Red Flag…

How do you keep a Finablr shareholder in suspense?

In the wake of the Shetty shareholdings shenanigans at fully listed NMC Health (NMC), shareholders in fellow Shetty vehicle Finablr (FIN) might be wondering if they are about to discover a similar nest of undisclosed pledges, transfers and sales as the result of alleged dealings by Shetty and the Bin Buttis. The last we had heard was nine days ago when we were told the company was reviewing the situation. Well, this morning came a statement re. Shareholding…….

Finablr – in wake of NMC scandal, is silence a Red Flag?

Of course it is! Muddy Waters may be laughing all the way to the bank with reference to NMC Health (NMC), but it must be kicking itself in San Francisco for having missed out on fellow good Dr Shetty outfit Finablr (FIN). The last we heard from Finablr was a week ago when the company announced that, like NMC – which has now ‘fessed up at least in part – The Company has very recently been made aware of purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Muhairi which may be relevant to their respective interests in the Company's shares. With at least 56% of the company’s shares pledged and perhaps more if similar undisclosed arrangements to the ones at NMC have been made, there is surely an urgency for the board of Finablr to get to the bottom of this.

Finablr (#FIN) – reckons “very recently” aware of purported arrangements re. significant shareholdings, “will make appropriate announcements in due course”

Finablr – what are the conditions attached to that share pledge, as the stock continues to tumble? Margin call, anyone?

I have a question for Finablr (FIN). Last month we learnt that BRS Investment Holdings 1 Limited, which is controlled by Finablr’s Co-Chairman Dr Shetty and holds 56% of the stock, had pledged its entire holding to cover bank loans on 10 January 2020. Of course, this suggested that all is not well with regard to BRS’ coffers and it left me wondering if the whole show was a house of cards at 95p. Indeed, the announcement saw the stock plummet by 27%. With the stock down again, to 70p, it sure is windy out there.

Finablr – A House of cards?

The Times suggests that Muddy Waters may be kicking itself for not shorting both London-listed stocks from the stable of Dr Bavaguthu Raghuram Shetty. Whist its short on NMC Health (NMC) may be doing well enough, Shetty’s other vehicle – Finablr (FIN) has been having a torrid time, with the shares halving since December. Finablr has only been on the market since last May, but scratch the surface and there are many questions which look like Red Flags to me jumping out.