The bank recorded $450m in provisions and interest in suspense toward NMC, Finablr and associated companies last year
It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year
The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic
The moves mark the official beginning of the dismantling of NMC, which once had a market value of up to $11bn
Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020
Shetty claimed he was also a victim of fraud and put the blame on a “small group of current and former executives”
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