Sunday, 16 May 2021 12:07 GMT

Dubai Islamic Bank to not expect negative impact from case against it

( MENAFN )Dubai Islamic Bank (DIB) is not expecting any “negative impact” from a case against it brought by the administrators of hospital operator NMC Group.

It made the declaration in a letter to the Dubai Financial Market posted on the website of the bourse.

Reuters reported that previous week it declared that NMC was charging a Dubai bank in the Abu Dhabi courts in an argument that could obscure the company’s multi-billion-dollar debt restructuring and potentially holdup payouts to creditors

It was the newest twist in the tale of the UAE‘s biggest hospital group that previous year revealed over USD4 billion in hidden debt. Its UAE operations were set into administration and creditor claims are understood to now surpass USD6.4 billion.

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