DUBAI (Business) – Abu Dhabi Commercial Bank, a key lender to NMC Health, announced that it had filed a criminal complaint against several individuals linked to NMC Health with the Abu Dhabi Attorney General.
The individuals were not named by the bank but said they stated that the action was consistent with protection of interests objective.
“ADCB confirms that it has initiated criminal legal proceedings with the Attorney General in Abu Dhabi against a number of individuals in relation to NMC Health Group.”
– ADCB statement
NMC recently revised its debt position to $6.6 billion which has been well over previous estimates. NMC Health stocks have since then halved in value after short-seller Muddy Waters raised concerns on the group’s financial statements.
ADCB has a $981 million exposure to NMC Health. ADCB is among the major UAE lenders who lent to the hospital operator.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.