Abu Dhabi Court Holds NMC Executives Liable For Fraud Arabian Post
Arabian Post Staff -Dubai
An Abu Dhabi court has found NMC Healthcare founder BR Shetty and former chief executive Prasanth Manghat liable for fraudulent and wrongful trading, setting $5.397 billion as the starting point for assessing their financial responsibility.
Justice Sir Andrew Smith delivered the judgment on November 5 in the Abu Dhabi Global Market Court of First Instance, finding that both men knowingly participated in fraudulent business activities that concealed the healthcare group's financial position before its collapse in 2020.
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