Manama: A British court has issued a worldwide freezing order against the assets of Dr. B.R. Shetty, founder of Abu Dhabi based NMC Healthcare, as well as on other shareholders and former top executives.
The freeze order was won by the Abu Dhabi Commercial Bank as its exposure to the NMC is more than 400 crore dirham. As per the current order, the people named in the order reportedly cannot sell their assets anywhere in the world.
According to Financial Times, the order was against six defendants: former owner and NMC’s founder BR Shetty; Emirati investors Khalifa al-Muhairi and Saeed al-Qebaisi; as well as the former chief executive, Prasanth Manghat; and two senior financial officers.
Prashant Manghat was stepped down as CEO in late February last year. He is believed to be in India, as are other former executives. They made their departures as soon as the NMC scandal came to light.
Founded in 1970’s, NMC Health was the largest private healthcare provider in the United Arab Emirates. It was listed in the UK that collapsed into administration last year amid fraud claims.
The company was placed into administration last year in the UK amid those fraud claims. And it was accused of understating its debt by $4.5 billion.
On April 15, 2020, the Abu Dhabi Commercial Bank filed a criminal complaint against NMC over allegations of serious fraud, and wanted the accounts of all the accused to be seized.
