It’s finally show time for the scandal-ridden Finablr Group, whose subsidiaries UAE Exchange (an Abu Dhabi-based money transfer house) and Xpress Money (a global money transfer group) are gearing up to get back to business. The move is part of a plan by a consortium consisting of Prism Group of Israel (Prism) and Abu Dhabi’s Royal Strategic Partners (RSP), who are trying to recapitalize the global payment solutions company. The consortium is not only injecting capital but also developing a future business plan for the group, which is a big player in the cross-border financial services sector in the UAE.
For those who don’t know, UK-listed Finablr was left highly indebted (we’re talking a good few billion) after a financial scandal involving its founder, Indian businessman BR Shetty, broke last year. The company eventually filed for insolvency and was bought by Prism and RSP in December for $1 (yes, you read that right).