Dubai: False invoices raised financing, spreadsheets tracked hidden debts, and two sets of books concealed the financial position. These were among the methods used in the fraud against NMC before its 2020 administration, according to an Abu Dhabi court judgment.The November 5 ruling held founder BR Shetty and former chief executive Prasanth Manghat liable for fraudulent and wrongful trading. Justice Sir Andrew Smith identified $5.397 billion — nearly Dh20 billion — as the starting figure for assessing payments towards NMC Healthcare’s assets, with each man’s final payment undecided.The judgment describes NMC as the victim of a “massive and sophisticated fraud” between April 2, 2012, and April 9, 2020. NMC companies and their court-appointed administrators pursued the claims, alongside Abu Dhabi Commercial Bank’s separate action against Manghat.
