Success for 3VB team acting for ADCB in US$1 billion ADGM claim
Abu Dhabi Commercial Bank PJSC (ADCB) has succeeded in its claim against Mr Prasanth Manghat, the former CEO of the NMC Group, in the Abu Dhabi Global Market (ADGM) Court of First Instance. The NMC Group was headed by the London-listed FTSE 100 company NMC Health plc and was the largest private healthcare provider in the UAE before its high-profile collapse in 2020.
Rajesh Pillai KC leading Scott Ralston, Rebecca Zaman and Lucas Jones, acted for ADCB, together with Ali Al Aidarous of Al Aidarous Advocates & Legal Consultants and Ali Al Hashimi of Global Advocacy and Legal Counsel.
ADCB advanced three claims under UAE law: a claim for acts causing harm (Article 282 of the Civil Code); a claim for deceit (Article 285 of the Civil Code); and a claim under UAE company law in relation to the liability of company managers (Article 84 of UAE Federal Law No.2 of 2015 and its predecessor).
After a 15-week conjoined trial (which included claims brought at the instance of the NMC Group’s joint administrators), Justice Sir Andrew Smith handed down judgment on 5 November 2026, upholding all of ADCB’s claims and finding that ADCB was entitled to compensation in excess of US$1 billion, with the exact amount to be determined at a consequentials hearing.
The Court found that the fraudulent activity in the NMC Group lasted at least from 2012 to 2019 and was carried out on a massive scale. By June 2019, the level of debt that was not disclosed in NMC Health plc’s consolidated financial statements had reached more than US$4 billion.
The Court found that Mr Manghat knew that the NMC Group was disguising the misappropriation of company funds by producing false financial statements that did not disclose its true borrowing obligations and instead maintained the false appearance of a successful and growing business. The Court also found that Mr Manghat had made false express and implied representations to ADCB that had deceived ADCB into entering into finance facilities with the NMC Group.
The judgment raises various points of interest to practitioners in relation to multi-jurisdictional banking and fraud claims, claims for wrongdoing under UAE law, and conflict of laws issues that may arise where the ADGM Court applies UAE law.
Counsel were instructed by Damian Honey and Andrew Williams of Holman Fenwick Willan LLP.
Read the judgment in full here.
