Court Finds Shetty, Manghat Liable in NMC Fraud
An Abu Dhabi court held the former NMC Health executives liable on all counts, with contributions owed starting above $5 billion.
Updated on Nov. 9, 2026 in Financial Crime
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The ADGM Court found Dr Shetty and Prasanth Manghat liable on all counts in the collapse of NMC Health, the former FTSE 100-listed operator and UAE's largest private healthcare provider. The court held the starting point for contributions the two must pay exceeds $5 billion, excluding interest and costs.
Why it matters
The ruling addresses fraud tied to NMC Health's failure to disclose billions of dollars of hidden debt before its 2020 administration. It highlights the consequences of undisclosed liabilities for corporate leaders in international markets.
The court has found both defendants liable on all counts, but the final monetary amounts remain pending further submissions the Court may permit. The contribution starting point exceeds $5 billion, excluding interest and costs.
The players
Dr Shetty
A former executive of NMC Health who was found liable on all counts in the ADGM Court fraud case.
Prasanth Manghat
A former executive of NMC Health who was found liable on all counts alongside Dr Shetty in the ADGM Court.
Quinn Emanuel
A global litigation firm that acted for the Joint Administrators of NMC Health and secured the USD 600m Bank of Baroda settlement.
Alvarez & Marsal
A global restructuring advisory firm that rescued NMC Health in a USD 2.25bn restructuring after its 2020 administration.
The details
The four-month trial included testimony from Dr Shetty and Prasanth Manghat before the court reached its judgment. Quinn Emanuel, acting for the Joint Administrators of NMC Health, also secured a USD 600m settlement with Bank of Baroda in related ADGM and London proceedings.
Timeline
2020: NMC Health entered administration.
Following restructuring: Alvarez & Marsal completed a USD 2.25bn rescue of NMC Health.
Weeks before the judgment: The USD 600m Bank of Baroda settlement was reached.
November 9, 2026: The ADGM Court published its fraud judgment against Shetty and Manghat.
Legal Context
The ruling places individual executives under personal liability for undisclosed debt that led to NMC Health's 2020 administration. It shows how courts in the Abu Dhabi Global Market and London are pursuing accountability for large-scale corporate fraud.
Creditors, investors, and former NMC Health stakeholders may see recoveries from the final monetary orders against the defendants. The outcome also signals heightened scrutiny of undisclosed liabilities at multinational companies operating in the UAE.
The takeaway
Undisclosed liabilities can carry personal legal consequences for executives, not only corporate ones. Investors should scrutinize financial disclosures closely when evaluating large international companies.
Further reading
Explore more coverage in our Financial Crime section.
Source note: This article includes information reported by LawFuel.
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