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UK court orders asset freeze of NMC founder BR Shetty, other company executives
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The order was secured by NMC’s biggest creditor, Abu Dhabi Commercial Bank
by Staff writer
February 16, 2021
A court in London has ordered a worldwide freezing order on the assets of BR Shetty, founder of UAE-based NMC Health, as well as other senior former executives of the company.
The order was secured by NMC’s biggest creditor, Abu Dhabi Commercial Bank (ADCB), which has exposure of more than $1bn to the group,
NMC Health expects UAE, Oman operations to continue in 2021, after sale of non-core assets
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NMC Health expects UAE, Oman operations to continue in 2021, after sale of non-core assets
NMC is undertaking a complete restructuring of its balance sheet following the discovery of significant fraud and debt February 11, 2021
UAE-based NMC Healthcare, which was forced into administration last year, reported that revenues for the group dropped 6 per cent in 2020 to $1.53bn, down from $1.63bn in 2019.
Meanwhile gross revenues for NMC’s UAE and Oman operations reached $1.12bn, down 6.8 per cent from 2019.