A lawsuit has been filed against NMC Healthcare founder BR Shetty and its former chief executive in a $4 billion case alleging fraud, according to the administrators of the company, which collapsed in 2020.
Legal claims have been filed in the UK and Abu Dhabi against Mr Shetty, Prasanth Manghat and the Bank of Baroda “with regards to the ongoing investigation into fraudulent activity at NMC Healthcare”, Richard Fleming, managing director of Alvarez & Marsal Europe and joint administrator of NMC and NMC Healthcare, told The National.
“This is a significant milestone in the work we have done as administrators on behalf of creditors since NMC was discovered to have more than $4 billion of previously undisclosed debts,” Mr Fleming said.
“These court proceedings are ongoing and we are unable to comment further at this stage.”
Mr Shetty was not immediately available for a comment on his UAE number.
Bank of Baroda has yet to respond to a request for comment from The National.
NMC Healthcare was founded by Mr Shetty in 1975. It grew from a single clinic to become the UAE’s biggest privately owned healthcare operator, employing thousands of people.
The company’s shares were listed on the London Stock Exchange in 2012 and at its peak in 2018, it was valued at £8.58 billion ($10.5 billion).
However, the business crashed after a report from short seller Muddy Waters in December 2019 alleged that the company had inflated the value of its assets and understated its debt.
An independent investigation uncovered more than $4.4 billion of previously unreported debt, leading to the company being placed into administration in April 2020.
Last year, the restructuring process was completed and allowed 34 NMC companies to exit administration and become subsidiaries of a new group.
In December, NMC Healthcare said its board appointed David Hadley, the former chief executive of Mediclinic Middle East, as the group’s new chief executive.
NMC, the largest private healthcare platform in the UAE and the third largest in Oman, operates 85 units including multi-speciality hospitals, fertility specialist Fakih IVF, cosmetic clinic chain Cosmesurge and long-term rehabilitation and home care brand ProVida.
It has more than 13,000 employees and about 5.5 million patient interactions annually, according to its website.
In 2021, Mr Shetty also filed a case in the courts in New York accusing former directors, two banks and the company’s former auditors of conspiring to “artificially inflate the financials of NMC” and other group companies.
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UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
HAJJAN
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THE DETAILS
Solo: A Star Wars Story
Dir: Ron Howard
Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson
3/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
UAE currency: the story behind the money in your pockets
