DUBAI (Reuters) – Payment company Finablr is selling its business and operations to the Israeli-United Arab Emirates consortium for a nominal $ 1 after running into financial difficulties, the company said. company Thursday.
Global Fintech Investments Holding (GFIH), which is affiliated with Prism Group AG, has partnered with Abu Dhabi Royal Strategic Partners to buy the business, Finablr said in a statement.
GFIH will provide working capital to support Finablr so that it can continue to operate and support a number of stakeholders, including its employees and creditors, the statement said. .
Finablr, which listed shares in London in 2019, warned of a possible misunderstanding in March and brought in the law firm Skadden to investigate historical misconduct. existence and misuse of its assets.
Some companies backed by Indian billionaire BR Shetty, which owns a controlling stake in Finablr, have come under severe financial crisis after it emerged this year that they had undisclosed debt and false allegations.
Reciting with Hadeel Al Sayegh; Edited by David Clarke