Economy
ADCB Initiates Criminal Proceedings Against NMC Health Officials

Abu Dhabi Commercial Bank (ADCB) has begun criminal proceedings against NMC Health officials for their alleged involvement in the financial irregularities.
ADCB, which has the highest exposure to NMC at Dh3 billion, issued a statement today confirming that it has “initiated criminal legal proceeding with the Attorney General in Abu Dhabi against a number of individuals in relation to NMC Health Group.
Adding that this was consistent with the bank’s objective to protect its interests, the statement also said, “ADCB continues to work closely with other creditors and the joint administrators to ensure continuity of NMC Health’s operations and rapid recovery of the business.”
Earlier yesterday UK-court appointed administrators of NMC Health announced the formation of a new board of directors who have been tasked with the implementation of corporate governance changes in the group on a priority basis.
NMC Health, whose current market value is US$2.4bn, has been embroiled in one financial irregularity scandal after another ever since Muddy Waters blew the lid on the state of affairs. The London-listed healthcare provider has a total debt of US6.6bn and several lenders have revealed details of their exposure to the healthcare group and to Finablr, also founded by NMC founder BR Shetty.
More than 80 local, regional and international banks are said to have exposure to healthcare firm with UAE entities having nearly Dh10 billion exposure to the debt-ridden healthcare firm, prompting the chairman of the UAE Banks Federation to call for board and management of NMC to be held accountable for the financial irregularities.
-
Banking & Finance1 month ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
Bahrain1 month ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
Banking & Finance2 months ago
Central Bank of Oman Issues Regulatory Framework for Digital Banks
-
Banking & Finance3 weeks ago
National Finance Reinforces Position as Partner for Growth, Offers a Comprehensive Product Suite to Support Customer Ambitions
-
Insurance2 months ago
Liva Insurance Sets New Benchmark with ‘Innovative Insurer of the Year’ Award at the New Age Banking Summit 2025
-
Energy4 weeks ago
Russian Energy Week from October 15-17, 2025 offers alternative formats of cooperation
-
Banking & Finance1 month ago
The Future of the International Financial System to be discussed at SPIEF 2025
-
Retail1 month ago
All services are moving toward personalisation says Tatyana Kim, Founder of Wildberries and Head of RWB