#BR Shetty
BR Shetty filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives
Shetty was reportedly stopped by immigration officials from boarding a flight to the UAE on November 14
The order was secured by NMC’s biggest creditor, Abu Dhabi Commercial Bank
![Dr B.R. Shetty, Founder and Co-Chairman of Finablr, at the London Stock Exchange[2] copy](https://gulfbusiness.com/wp-content/uploads/2019/08/Dr-B.R.-Shetty-Founder-and-Co-Chairman-of-Finablr-at-the-London-Stock-Exchange2-copy.jpg)
The NMC Health founder denies wrongdoing and says he has “complete faith in the justice system of the UAE”
Finablr and NMC Health were both listed on the London Stock Exchange before being suspended
The moves mark the official beginning of the dismantling of NMC, which once had a market value of up to $11bn
The London-listed company, Finablr, had a market value of GBP77m when it was halted from trading in March, down from a peak of GBP1.5bn in December
Shetty claimed he was also a victim of fraud and put the blame on a “small group of current and former executives”
Abu Dhabi’s NMC Health to delist from London Stock Exchange; UAE to seize founder BR Shetty’s assets
NMC Health said last month that they had uncovered $2.7bn of debt hidden from its board, doubling its borrowings to around $5bn
Faisal Belhoul said it remains crucial that the investigation into any and all prior wrongdoings at the company is “fully supported”
The company was placed in administration last week
With a market value of $2.4bn and total debt of $6.6bn, NMC faces an investigation by the UK’s Financial Conduct Authority