LONDON, April 30 — Auditor EY is facing a US$2.5 billion lawsuit in London over alleged negligence in its audits of bankrupt UAE hospital firm NMC Health.
NMC’s administrator Alvarez & Marsal has launched legal action against EY’s UK division regarding audits on NMC accounts between 2012 and 2018.Alvarez & Marsal confirmed yesterday that it has begun the legal action.“We are aware a claim has been submitted to the court by the administrators of NMC Health Plc. We will defend the claim vigorously,” it said.
The United Arab Emirates-based hospitals group, which was listed on the London Stock Exchange, collapsed in early 2020 after massive accounting irregularities were discovered. — AFP
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