ADCB initiates criminal proceedings against individuals linked to NMC Health – The National

ADCB initiates criminal proceedings against individuals linked to NMC Health – The National

ADCB initiates criminal proceedings against individuals linked to NMC Health. The lender has an exposure of $981 million to NMC Health. " the action is consistent with the bank's objective to protect its interests," the lender said in a statement on Wednesday.. The bank, which is the embattled hospital operator's biggest sole creditor, did not specify who it had initiated criminal proceedings against.. Overall, UAE banks have a combined exposure of at least Dh8bn to the healthcare firm.. NMC also owes money to Oman-based banks and financial institutions.. The latest development comes as Alvarez & Marsal, the joint administrators of the embattled firm, appointed a new set of board members "to ensure more robust standards of governance" at the company.. NMC Health's lenders are also forming a coordinating committee, with a steering group acting as the primary contact between the company and its debtors.. ADCB will chair the co-ordinating committee while the steering group will consist of other significant creditors, including Abu Dhabi Islamic Bank, Dubai Islamic Bank, Barclays and Standard Chartered.. The company has made a series of damaging disclosures in the past few months after a report by activist investor Muddy Waters in December alleged it inflated cash