EY accused of missing ‘red flag’ in NMC collapse Big Four Big Four firm EY UK was accused of being “grossly negligent” and failing in its most fundamental audit duties over seven years, allowing a massive fraud to continue and ultimately causing NMC’s financial collapse. The mammoth £2.7bn legal battle between EY and its former clients, a London-listed health giant that collapsed after allegations of fraud, [...]
EY labels former head of EY Abu Dhabi a ‘fraudster’ in £2.7bn legal battle Legal EY UK's barrister described the former head of EY Abu Dhabi as "plainly a fraudster" in the openings at the £2.7bn legal battle
EY’s £2.7bn legal fight over NMC Health audits Legal A mammoth legal fight against EY over its auditing of a former London-listed health giant that collapsed after allegations of fraud starts today
EY faces $2.7bn lawsuit over NMC Health audit May 28, 2022 The administrators of collapsed healthcare group NMC Health’s bankruptcy proceedings have filed a $2.7bn (£2.1bn) lawsuit against Big Four accountancy firm EY, over claims the auditor failed to spot a multi-billion-dollar fraud at the former-FTSE 100 firm. The High Court lawsuit claims EY failed to spot NMC Health’s accounts had been fraudulently misstated, that the [...]
BR Shetty seeks India probe into NMC Health and Finablr bosses October 12, 2020 Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India, seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire. Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have [...]
Former bosses of Finablr and NMC Health face fraud accusations August 23, 2020 The former chief executives of Finablr and NMC Health are among a group of 17 people who are claimed to have embezzled millions of UAE dirhams from the firms, the Sunday Telegraph reported today. According to a report prepared for billionaire tycoon Bavaguthu Shetty, who founded the companies, brothers Prasanth and Promoth Manghat, who led [...]
NMC Health strives to avoid administration after being hit by creditor court action April 6, 2020 Scandal-hit NMC Health is working to avoid going into administration after being hit by a court action brought by one of its creditors. The London-listed company said today that lawyers acting for Abu Dhabi Commercial Bank (ADCB) filed an application on 2 April in the High Court to appoint administrators to NMC with a hearing [...]
EY resigns as auditor of Travelex owner Finablr as board members quit March 30, 2020 EY has resigned as auditor of Finablr after the troubled payments firm could not accommodate some adjustments it requested, including changing the composition of its board. Trading in the London-listed firm’s shares was suspended earlier this month after Finablr warned it was preparing for potential insolvency. It has launched an investigation into its finances. Finablr [...]
Travelex owner Finablr in danger of collapse as shares suspended March 16, 2020 Payments company Finablr has warned it is in danger of collapsing as trading in its shares was frozen by the Financial Conduct Authority (FCA). In a dramatic update to the stock exchange this morning, the Travelex owner said it had found around $100m (£81m) of undisclosed financing, which meant it no longer had any certainty [...]
NMC Health finds evidence of fraud as shares in sister firm Finablr collapse March 12, 2020 Beleaguered hospital operator NMC Health said an investigation into its finances had uncovered evidence indicating suspected fraud in some of its previous financial activities. NMC Health launched an external review into allegations over its finances after coming under attack from US short-seller Muddy Waters in December. Read more: NMC Health identifies $2.7bn in additional debt [...]