Abu Dhabi: NMC founder BR Shetty and former chief executive Prasanth Manghat face potential contributions towards the company’s assets assessed against a figure of nearly Dh20 billion, after the Abu Dhabi Global Market Court of First Instance held both liable for fraudulent and wrongful trading.In its November 5 judgment, Justice Sir Andrew Smith identified $5.397 billion, equivalent to approximately Dh19.82 billion, as the starting figure for assessing those contributions. The court has yet to determine the final amount payable by each man.“I have concluded that Dr Shetty and Mr Manghat were both party to the business being carried on fraudulently,” the judge said.The ruling upheld insolvency and UAE civil claims brought by NMC Healthcare, NMC Holding and their joint administrators. It also upheld a separate claim brought by Abu Dhabi Commercial Bank against Manghat.
