Abu Dhabi Commercial Bank (ADCB) , a key lender to NMC, has initiated criminal legal proceeding with the Attorney General in Abu Dhabi against a number of individuals in relation to the embattled healthcare sector operator.  

ADCB  did not name the individuals but said the action is consistent with the bank’s objective to protect its interests, the bank said in a statement.

The lender continues to work closely with other creditors and the joint administrators to ensure continuity of NMC’s operations and a rapid recovery of the business, the statement said. 

ADCB has the highest exposure to NMC at 3 billion UAE dirhams ($820 million).

Following an application from ADCB last week, the court had put NMC into administration.

The joint administrators from turnaround advisory firm Alvarez & Marsal will take immediate control of NMC and is expected to work on behalf of all stakeholders.

Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, said the board and management of NMC should be held accountable for the financial irregularities.

(Writing by Seban Scaria; Editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

#ADCB #NMC #FINANCIALSERVICES #LEGAL #UAE

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020