ADGM Court Finds Former NMC Leaders Liable in Legacy Fraud Case

The Abu Dhabi Global Market Court of First Instance has found NMC founder B.R. Shetty and former chief executive Prasanth Manghat liable for fraudulent and wrongful trading connected with the former NMC Group’s collapse.

The 5 November judgment identified $5.397 billion as the starting point for assessing contributions to NMC Healthcare’s assets. That figure is not a final award or an order requiring each defendant to pay the full amount. A further hearing will determine outstanding financial and procedural matters.

The ruling concerns conduct between 2012 and 2020 and the legacy group that entered administration. NMC’s operating businesses completed a restructuring in 2022, so the judgment should not be read as a finding about current clinical operations. Source: The National.