UAE - Mubasher: The administrator of NMC Health, Alvarez & Marsal, has taken preliminary steps towards filing a lawsuit against NMC’s auditor, Ernst & Young, Reuters reported.
The administrator of NMC Health seeks to raise recoveries for creditors of the UAE hospital group, as shown by a document on Friday.
Since going into administration in April, Alvarez & Marsal, specialised in restructuring and turnaround, has run NMC Health.
In a report published on 6 November about the recent developments in the health group's administration process, Alvarez & Marsal remarked that it considers whether actions could be taken against individuals and/or third parties to increase recoveries.
"We have interviewed and selected leading counsel to advise us in relation to potential actions and have initiated the legal process of making a claim against the company’s auditor, Ernst & Young LLP, by issuing a preliminary notice of potential claim,” Alvarez & Marsal remarked.
It is noteworthy to mention that NMC is the largest private healthcare company in the UAE, as it operates more than 200 establishments, including hospitals, clinics, and pharmacies.
