The fraud-related proceedings brought in the ADGM and England by the administrators of NMC Healthcare Ltd and NMC Health plc against the Bank of Baroda have settled with the payment of USD 600 million by the Bank of Baroda. The settlement was reached without any admission of liability or wrongdoing.
The claims against the Bank of Baroda arose out of the collapse of the LSE-listed NMC Group, formerly the largest private healthcare provider in the UAE. It entered administration in 2020 during the COVID-19 crisis following the discovery of a vast multi-year fraud involving the extraction of billions of dollars from NMC.
The administrators (directors at Alvarez & Marsal) and NMC Healthcare Ltd were represented in the ADGM proceedings by Bankim Thanki KC, Henry King KC, Robin Loof, Alexandra Whelan and Damien Bruneau of Fountain Court, together with Jerome Squires of 7 KBW. The team was instructed by Quinn Emanuel Urquhart & Sullivan UK LLP, led by partners Nick Marsh and Khaled Khatoun.
A 15-week trial took place before Sir Andrew Smith in the ADGM Court between March and July 2026. The settlement was reached during the course of closing arguments.
Proceedings in the ADGM continue against Dr B.R. Shetty, the founder of the NMC Group, and Mr Prasanth Manghat, its CEO at the time of its collapse. The trial of those claims, which include civil fraud claims against both defendants, ran concurrently with the trial of the claims against the Bank of Baroda and the same counsel team acted on behalf of the administrators and NMC Healthcare Ltd. The trial concluded on Friday 3 July 2026, with judgment reserved.
