ADCB applies to UK Court for appointment of joint administrators for NMC Health

The UAE’s Abu Dhabi Commercial Bank (ADCB) applied on April 2, 2020 to Britain’s High Court to appoint joint administrators for NMC Health and its subsidiaries.

The bank said in a bourse filing to Abu Dhabi Securities Exchange (ADX) that the move aims to safeguard the future of NMC Health and its subsidiaries, and added that NMC Health was served notice of this action on April 3, 2020.

The bank confirmed its commitment to take the necessary measures to protect its interests without affecting the efficiency and continuity of the group's business, indicating that it works closely with a number of key creditors to the company.

Once the court approves the request, the joint administrators will be responsible for managing all the business of the company and its subsidiaries in a manner that aims to business stability and sustainability, the bank added.

“The administrators will also launch a full, transparent and independent investigation into the reported suspected irregular activities at the company and the misrepresentations in relation to its past financial activities,” the statement also said.

ADCB recently announced that it is among 80 other local, regional and global financial institutions provided credits to the healthcare provider adding that the bank’s exposure to NMC Health was about $981 million.

NMC, the London-listed company recently revealed previously undisclosed liabilities of over $4 billion since the publication of interim reviewed financial statements as at 30 June 2019.