How a Gulf Hospital Chain Unleashed Scandal in London

How a Gulf Hospital Chain Unleashed Scandal in London

The European Union will consider about 40 equivalence decisions this year, determining how much equity, fixed-income and other investment banking business can remain in London and still serve EU clients.. A financial scandal has swept through London and the United Arab Emirates, centered on allegations of fraud at the two core companies of the Abu Dhabi-based tycoon Bavaguthu Raghuram Shetty.. Both NMC Health Plc and Finablr Plc have had their shares suspended in London, with NMC losing its place in the FTSE 100 index of leading U.K.-listed companies.. In April, the group disclosed about $1.3 billion in debt, four times more than previously reported, most of which was used without the board's knowledge.. The U.K. accounting regulator has opened a probe into Ernst & Young's audit of NMC's 2018 financial statements.. Ernst & Young, which is also under investigation for its auditing of the collapsed Thomas Cook Group Plc, resigned as Finablr's auditor in March citing concerns over the composition of its board and corporate governance.. Last year, the Dubai Financial Services Authority fined two Abraaj Group companies a combined $315 million for deceiving investors and misappropriating funds..