Finablr shares dive after it reveals stock pledge for Travelex deal

Finablr, the financial services group that owns Travelex, shed more than a quarter of its value on Friday after it emerged that more than half of its stock had been used by majority owner and billionaire BR Shetty as security against debt from buying the British currency platform in 2015. India-born Mr Shetty is one of the region’s best-known billionaires. In 1980, he set up UAE Exchange, a remittance business, which expanded in tandem with the growing expatriate population working in the oil-rich federation.