Bank of Baroda pays $600 million to settle NMC Health fraud litigation in Abu Dhabi and London

Indian state-owned lender Bank of Baroda has agreed to pay $600 million to settle fraud litigation linked to the collapsed NMC Health group in Abu Dhabi and London.

Bank of Baroda pays $600 million to settle NMC Health fraud litigation in Abu Dhabi and London

Bank of Baroda has agreed to pay $600 million to settle litigation arising from the fraud scandal at NMC Health, the UAE-based healthcare group that collapsed in 2020.

The Indian state-owned bank reached the settlement to resolve claims in both Abu Dhabi and London related to its role in the massive financial fraud that brought down NMC Health. The group, once one of the largest private healthcare providers in the UAE, unraveled after revelations of billions of dollars in hidden debt and accounting irregularities.

The settlement marks one of the largest resolutions to date connected to the NMC collapse, which has spawned numerous legal actions across multiple jurisdictions. Administrators and creditors have pursued banks and auditors alleged to have facilitated or overlooked the fraudulent activities.

The case has drawn significant attention in the UAE and internationally, highlighting weaknesses in corporate governance and financial oversight that allowed the fraud to persist for years before the company's implosion.

Source: Bar and Bench

Source: Google News UAE — Courts & Fraud