Abu Dhabi, Nov. 8 -- Indian businessman and NMC Healthcare founder Dr BR Shetty and the group's former chief executive, Prasanth Manghat, have been found liable for knowingly participating in fraudulent activities that contributed to the collapse of one of the UAE's largest private healthcare groups, according to media reports.

The Abu Dhabi Global Market (ADGM) Court of First Instance's Commercial and Civil Division ruled that both men were involved in fraudulent and wrongful trading between April 2012 and April 2020.

In a judgment issued on Thursday, November 5, Justice Sir Andrew Smith identified USD 5.397 billion (approximately Rs 50,683.50 crore) as the starting point for assessing the financial contributions the two men must make ...