NMC founder B.R. Shetty on the hook for $5.4 billion in fraud case
Source: SemaforBy Ed Clowes
The judge rejected the NMC Health founder’s claim that he was a victim of his own executives.
An Abu Dhabi court found NMC Health founder B.R. Shetty and his former CEO liable for an eight-year fraud that brought down the hospital group. It set $5.4 billion as the starting point for what they must repay. Justice Sir Andrew Smith rejected Shetty’s claim that he was a victim of his own executives. The court traced more than 500 transfers into Shetty’s personal accounts, worth 4.18 billion dirhams ($1.1 billion).
Some of the money went on private jets, Dubai Hills property, and a Wyoming oil field. By 2018, NMC, once a FTSE 100 company, had hidden nearly $3.9 billion in debt behind sham supplier invoices. A further hearing will set the final sums. Bank of Baroda, which was accused of helping hide the borrowing, settled before the ruling.
— Ed Clowes
In brief
An Abu Dhabi court found NMC Health founder B.R. Shetty and his former CEO liable for an eight-year fraud that brought down the hospital group. The court traced more than 500 transfers into Shetty’s personal accounts, worth 4.18 billion dirhams ($1.1 billion). By 2018, NMC, once a FTSE 100 company, had hidden nearly $3.9 billion in debt behind sham supplier invoices.
This is the opening of the story, shared with credit to Semafor. The rest of the report — with every detail — continues on the publisher’s website.
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