U.A.

E Government’s action to exterminate such fraudulent behaviors

On 8 April 2020, NMC was placed into administration by a UK High Court judge Sebastian

Prentis due to the insolvency of the company caused by alleged frauds committed by the

founder and then-chairman of the board B. R. Shetty.

ADCB has requested the prosecution to direct "all economic departments and free zone

authorities in the UAE to identify and freeze all companies or economic entities belonging to

the accused, or members of their families to prevent the disposal of assets, including any

movable and/or immovable property and real estate inside and outside the state; and

authorize a raid and search of the residence of all the accused, including the confiscation of

all papers and financial documents, computers and any other relevant

evidence."(KhaleejTimes)

EFFECTS OF THE ALLEGATION BY MUDDY WATER CAPITAL ON NMC HEALTHCARE:

Trading of shares of NMC Health on the London stock exchange was suspended as details of

an investigation into the company emerged. NMC’s shares have lost about two thirds of their

value since U.S.-based short-seller Muddy Waters late last year questioned its financial

statements.