BR Shetty filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives
The bank recorded $450m in provisions and interest in suspense toward NMC, Finablr and associated companies last year
The privately-held investment firm with assets in health care and food named Bruno Navarro as its chief restructuring officer
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”
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
ADCB is owed $963m by Abu Dhabi healthcare group NMC, which has now been placed under administration
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
The company made a net profit of $27.5 million in the first six months of the year.
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