NMC founder B.R. Shetty on the hook for $5.4 billion in fraud case
The court traced more than 500 transfers into Shetty’s personal accounts, worth 4.18 billion dirhams ($1.1 billion).
Key points
- An Abu Dhabi court found NMC Health founder B.R.
- Justice Sir Andrew Smith rejected Shetty’s claim that he was a victim of his own executives.
- It set $5.4 billion as the starting point for what they must repay.
By 2018, NMC, once a FTSE 100 company, had hidden nearly $3.9 billion in debt behind sham supplier invoices.
Shetty and his former CEO liable for an eight-year fraud that brought down the hospital group.
Additional details
- Bank of Baroda, which was accused of helping hide the borrowing, settled before the ruling.
- Some of the money went on private jets, Dubai Hills property, and a Wyoming oil field.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
Advertisement
Every article behind this summary — 1 article from 1 outlet
Get stories like this in your inbox.
Subscribe — it's freeOne free email at 6am — your topics, deduplicated, five minutes. No account, no paywall.