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ADCB says it has Dh3.6 billion exposure to NMC Health
Dubai - ADCB is among over 80 major local, regional and international financial institutions that extended credit to the NMC Health Group.
The lender said it is discussing with the NMC Health Group and other creditors to implement appropriate solutions to address the company's financial defaults, governance and other issues.
ADCB is among over 80 major local, regional and international financial institutions that extended credit to the NMC Health Group, which is listed on the London Stock Exchange, was a constituent of the FTSE 100 Index and has operations in 19 countries.
It clarified that the loan was provided to the London-listed firm by the Union National Bank (UNB) and Al Hilal Bank prior to their merger of the three banks in May 2019.
"The bank is not in a position to quantify anticipated impairments at this time due to rapidly evolving developments at the NMC Health Group. ADCB is deeply concerned by NMC Health Group's recent announcements of previously undisclosed liabilities of over $4 billion since the publication of interim reviewed financial statements as at June 30, 2019 and disclosure of suspected irregular activities and misrepresentations in relation to the Company's past financial activities," it said in a statement sent to Abu Dhabi Securities Exchange, where it is listed.
The company has piled up to $6.6 billion (Dh24.2 billion) in debt, which is higher than previously estimated $5 billion (Dh18.35 billion).
Since the troubles came to light at NMC, senior management of the company has resigned including its chairman and founder BR Shetty and CEO Prashant Manghat.
On Tuesday, its chairman and director HJ Mark Tompkins stepped down and Faisal Belhoul, managing director of Ithmar Capital Partners and founder of Amanat Holdings, took over the healthcare firm.
On Wednesday, Dubai-based developer Union Properties rejected rumours that it has exposure to NMC Health and dubbed the rumours as "false".
-waheedabbas@khaleejtimes.com
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