A leading Abu Dhabi bank has won a worldwide freezing order against the principal owners and executives of NMC Health, the UK-listed healthcare group that collapsed into administration last year amid fraud claims.
Abu Dhabi Commercial Bank, a major creditor with exposure of more than $1bn to the group, has secured the order from a court in London against six defendants: former owners BR Shetty, NMC’s founder; Emirati investors Khalifa al-Muhairi and Saeed al-Qebaisi; as well as the former chief executive, Prasanth Manghat; and two senior financial officers.
At a high court hearing in December held in private, the judge granted the order against the six former owners and senior executives to prevent the risk of dissipation of assets, in light of the bank’s compensation claim for losses caused by “fraudulent misrepresentations and conspiracy”.
The court’s judgment cited a witness statement from NMC’s chief executive, Michael Davis, who was appointed following Manghat’s departure about a year ago, which said a forensic team had found documentary evidence that the alleged fraud was carried out by the defendants.
Abu Dhabi-based NMC, which has disclosed more than $4bn in unreported debt, was placed into administration in the UK in April last year, with the administrators also pursuing a process in Abu Dhabi.
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