NMC Health administrator sues auditor Ernst & Young for $4 billion fraud

NMC Health is the largest private healthcare provider in the UAE, operating more than 200 facilities including hospitals, clinics and pharmacies

The administrator of NMC Health, founded by Indian billionnaire, BR Shetty, has taken preliminary steps towards legal action against NMC’s auditor, Ernst & Young, as it seeks to increase recoveries for creditors of the United Arab Emirates hospital group, a document showed on Friday.

NMC Health has been run by turnaround firm Alvarez & Marsal since going into administration in April after months of turmoil over its finances.

In a report on progress of the administration process, dated Nov. 6, Alvarez & Marsal said it was assessing whether actions could be taken against individuals and/or third parties to increase recoveries.