ADCB Initiates Criminal Proceedings Against NMC Health Officials

ADCB Initiates Criminal Proceedings Against NMC Health Officials

Abu Dhabi Commercial Bank (ADCB) has begun criminal proceedings against NMC Health officials for their alleged involvement in the financial irregularities.. Earlier yesterday UK-court appointed administrators of NMC Health announced the formation of a new board of directors who have been tasked with the implementation of corporate governance changes in the group on a priority basis.. NMC Health, whose current market value is US$2.4bn, has been embroiled in one financial irregularity scandal after another ever since Muddy Waters blew the lid on the state of affairs.. More than 80 local, regional and international banks are said to have exposure to healthcare firm with UAE entities having nearly Dh10 billion exposure to the debt-ridden healthcare firm, prompting the chairman of the UAE Banks Federation to call for board and management of NMC to be held accountable for the financial irregularities.. Our content is aimed at engaging decision-makers across the region's fastest-growing companies..