Deals
Finablr’s Exchange Business Said to Default on $300 Million Loan
- Barclays, Goldman, JPM, Commercial Bank of Dubai among lenders
- UAE central bank is overseeing exchange house’s operations
This article is for subscribers only.
UAE Exchange, set up by the founder of embattled NMC Health Plc, defaulted on about $300 million of foreign-exchange loans, dragging some of Wall Street’s top banks into the widening scandal, according to people familiar with the matter.
Lenders including Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Commercial Bank of Dubai PSC arranged the facility, the people said, asking not to be identified because the matter is private. The borrowings haven’t been repaid due the mounting problems surrounding UAE Exchange’s owner Finablr Plc, the people said.