{
  "id": 18897388,
  "title": "Abu Dhabi court finds BR Shetty liable in NMC case involving $5.39bn",
  "url": "https://urgent.news/2026/11/08/abu-dhabi-court-finds-br-shetty-liable-in-nmc-case-involving-5-39bn-18897388",
  "topic": "world",
  "section": "World",
  "published": "2026-11-08T08:01:03.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/news/uae/2026/11/08/abu-dhabi-court-finds-br-shetty-liable-in-nmc-case-involving-539bn/"
  },
  "original_language": "en",
  "account": "An Abu Dhabi court has ruled that the founder of NMC Healthcare, Dr BR Shetty, and the company's former CEO, Prasanth Manghat, are liable for their role in a $5.39 billion fraud that contributed to the collapse of the UAE's largest private healthcare group. The fraud, which occurred between April 2, 2012, and April 9, 2020, involved misappropriating assets and misleading financial statements to conceal the true state of NMC Healthcare's finances.\n\nThe Court of First Instance's Commercial and Civil Division in Abu Dhabi ruled that both men engaged in fraudulent and wrongful trading. The court calculated the starting point for determining the financial contributions they should make to reimburse the group's assets. This figure is not a final award, but rather the basis for calculating the amounts they should pay. Additionally, Abu Dhabi Commercial Bank, which filed a separate case against Manghat, successfully established claims totaling over $1.19 billion in damages, including $1.02 billion in outstanding liabilities and $168.98 million in loss of profits.\n\nNMC Healthcare, founded by Dr Shetty in 1975, grew to become the UAE's largest privately-owned healthcare provider before collapsing in 2020. The company, which had a valuation of £8.58 billion ($10.5 billion) at its peak in 2018, filed for administration in April 2020 after an investigation uncovered over $4.4 billion in unreported debt. In 2022, the restructuring process was completed, allowing 34 NMC companies to exit administration and become subsidiaries of a new group.",
  "summary": "NMC Healthcare founder Dr BR Shetty and the group's former chief executive, Prasanth Manghat, have been found liable for knowingly participating in a fraud that helped bring down one of the UAE's largest private healthcare groups. The Abu Dhabi Global Market Court of First Instance's Commercial and Civil Division ruled that both men dishonestly participated in the fraud against the NMC Group…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}