Justice Sir Andrew Smith of the ADGM Court of First Instance held that both Shetty and Manghat had knowingly participated in a fraudulent scheme involving the misappropriation of company funds, concealment of borrowings and manipulation of financial statements.
The Court identified $5.397 billion as the starting point for assessing the financial contributions that the two would be required to make towards the company's assets.
The November 5 judgment revealed that over 500 transfers were made into Shetty's personal bank accounts.
These transfers totalled AED 4.18 billion, with net payments of approximately AED 2.6 billion after accounting for funds returned to the group.
Justice Sir Andrew Smith of the ADGM Court of First Instance held that both Shetty and Manghat had knowingly participated in a fraudulent scheme involving the misappropriation of company funds, concealment of borrowings and manipulation of financial statements.
The Court identified $5.397 billion as the starting point for assessing the financial contributions that the two would be required to make towards the company's assets.
The November 5 judgment revealed that over 500 transfers were made into Shetty's personal bank accounts. These transfers totalled AED 4.18 billion, with net payments of approximately AED 2.6 billion after accounting for funds returned to the group.
