Criminal charges filed against individuals connected to NMC Health

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Abu Dhabi Commercial Bank, a key lender to NMC Health, said on Wednesday it had filed a criminal complaint against a number 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.

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