NMC fraud: BR Shetty, ex-CEO could repay nearly Dh20 billion after Abu Dhabi ruling
Abu Dhabi: NMC founder BR Shetty and former chief executive Prasanth Manghat face potential contributions towards the company’s assets assessed against a figure of nearly Dh20 billion, after the Abu Dhabi Global Market Court of First Instance held both liable for fraudulent and wrongful trading. In its November 5 judgment, Justice Sir Andrew Smith identified $5.397 billion, equivalent to…
Abu Dhabi's Court of First Instance has found former NMC Healthcare CEO BR Shetty and former Chief Executive Prasanth Manghat liable for the company's fraudulent and wrongful trading activities, with a starting point of nearly Dh20 billion for assessing their contributions. The court determined that Shetty transferred a net value of Dh2.6 billion into his personal bank accounts from NMC Group accounts.
The judgment also found Manghat to be dishonest throughout the relevant period, facilitating the unlawful misappropriation of funds from NMC Group for Shetty's benefit and others. Both men are accused of knowingly participating in the fraudulent activities from April 30, 2012, to April 9, 2020.
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Also reported by 1 other outlet
- Abu Dhabi court finds BR Shetty liable in NMC case involving $5.39bn thenationalnews.com
