ADCB files criminal complaint against individuals linked to NMC Health

NMC Health, which recently revised its debt position to $6.6 billion, has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements. (Reuters)

• ADCB statement: action was consistent with the objective of protecting its interests
• ADCB has a $981 million exposure to NMC Health

DUBAI: Abu Dhabi Commercial Bank, a key lender to NMC Health, said on Wednesday it had filed a criminal complaint against a number of individuals linked to the hospital operator with the Attorney General in Abu Dhabi.
The bank did not name the individuals, but said in a statement that the action was consistent with the objective of protecting its interests.
“ADCB confirms that it has initiated criminal legal proceedings with the Attorney General in Abu Dhabi against a number of individuals in relation to NMC Health Group.” it said in a statement.
NMC — which recently revised its debt position to $6.6 billion, well above earlier estimates — has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements.
ADCB, which has a $981 million exposure to NMC Health, is among the major UAE lenders who have lent to the hospital operator.