Policy & Legal Updates
ADGM Court Holds NMC Founder BR Shetty Liable for $5.4 Billion Fraud
The Abu Dhabi Global Market Court has found NMC Health founder Dr Bavaguthu Raghuram Shetty and former executive Prasanth Manghat liable for fraudulent and wrongful trading in the group's 2020 collapse. Presiding Justice Sir Andrew Smith established $5.397 billion as the baseline figure to assess contributions they must repay to the insolvent company's assets. The court determined that both individuals knowingly operated the business fraudulently and concealed borrowings between 2012 and 2020.
