NMC Carried Out $1B Fraud Through UK Unit, UAE Bank Says

By Richard Crump (December 1, 2021, 6:46 PM GMT) -- Collapsed United Arab Emirates health care group NMC Health carried out a $1 billion accounting fraud through its London-listed holding company, an Abu Dhabi bank alleged on Wednesday as it fought to keep its litigation against six ex-NMC officials in England.

Abu Dhabi Commercial Bank PJSC argued at a High Court hearing that there is a "clear and direct" link between its claim for damages stemming from an alleged "epic fraud" perpetrated by NMC Health PLC and the jurisdiction of the English courts.

The bank, one of NMC's biggest creditors, alleges that it was the victim of fraudulent misrepresentations about the...

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