#NMC

NMC-Healthcare

EY accused of actively concealing NMC Health audit fraud from investors

BR Shetty filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives

Abu Dhabi’s ADCB sees creditors approval for NMC restructuring in first half

The bank recorded $450m in provisions and interest in suspense toward NMC, Finablr and associated companies last year

KBBO hires restructuring expert for $2bn debt revamp

The privately-held investment firm with assets in health care and food named Bruno Navarro as its chief restructuring officer

NMC administrators start selling its assets to pay the UAE hospital operator’s creditors

The moves mark the official beginning of the dismantling of NMC, which once had a market value of up to $11bn

Finablr uncovers $1bn in hidden debt as UAE’s NMC Health scandal widens

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

NMC controversy: Founder BR Shetty issues first public statement, denies wrongdoing

Shetty claimed he was also a victim of fraud and put the blame on a “small group of current and former executives”

NMC Health backer weighs strategic options, debt revamp

KBBO chairman Khalifa Bin Butti Omeir Al Muhairi stepped down as vice-chairman of embattled NMC in February amid confusion over the exact size of his stake in the hospital operator

NMC saga: Abu Dhabi’s ADCB begins criminal legal action against several people

ADCB is owed $963m by Abu Dhabi healthcare group NMC, which has now been placed under administration

UAE’s First Abu Dhabi Bank sells 2.5 million shares held by NMC’s BR Shetty

Almost 4.8 million shares which belonged to Shetty were held in a nominee account in Falcon Private Bank which were then transferred to First Abu Dhabi Bank on February 5

UAE Healthcare Firm NMC’s H1 Profit Jumps 21%

The company made a net profit of $27.5 million in the first six months of the year.