Dubai Islamic Bank sees no impact from NMC law suit

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Dubai

Dubai Islamic Bank (DIB) said on Sunday it does not expect any “negative impact” from a case against it brought by the administrators of hospital operator NMC Group.

It made the disclosure in a letter to the Dubai Financial Market posted on the website of the bourse.

Last week it emerged that NMC was suing a Dubai bank in the Abu Dhabi courts in a dispute that could complicate the company’s multi-billion-dollar debt restructuring and potentially delay payouts to creditors, Reuters reported.

It was the latest twist in the tale of the UAE ‘s biggest hospital group which last year disclosed more than $4 billion in hidden debt.

Its UAE operations were placed into administration and creditor claims are understood to now exceed $6.4 billion.

“It is a matter of public record that an application has been filed by the administrators of the NMC Group in the Abu Dhabi Global Markets Court.–AN