The London Court has placed NMC Health under judicial supervision, to protect the company's assets.
According to ArabiaNet, the company did not object to the move taken by Abu Dhabi Commercial Bank.
Judge Sebastian Prentice said that there were no alternatives to administrative detention, after hearing the parties via video technology.
Abu Dhabi Commercial Bank attorney said there are concerns that the NMC Group will not be able to pay employee salaries within a month from now, which could lead to the collapse of the entire group, according to Bloomberg.
He added in his report to the court: If this happens, this will affect the health of citizens in the Emirates. The bank indicated that this step must be taken now before it is too late, in order to provide a good financial position for the company.
This comes after Faisal Belhoul, CEO of NMC Health, said that the company will not be able to resist the pressures it seeks to push it towards accepting guardianship.
He added, in a statement today, Thursday, that the company’s board of directors confirmed in a letter sent to the London court that they did not reach an agreement with creditors that protects the company from executing legal guardianship over it, despite the efforts made by the board of directors to achieve an agreement that brings together all creditors and obtain their support during Next stage.
He pointed out that things are moving towards putting the company under guardianship, and this trend is inevitable, and if this possibility becomes a reality.
He stressed the need to work to move to this stage quickly without delay for any procedures and at the same time to ensure the stability of the company and its ability to provide vital health care to people and support the efforts of the government and the UAE during the Covid crisis -19
He continued: The executive management of the company must be maintained to ensure a rapid response to the changes of events, especially at the current time when we need all efforts in the health services sector. Our medical staff and front-line experts have access to the necessary resources and full support in their work.
He pointed out that banks and creditors supervising guardianship should commit to providing credit facilities and ensure that the company has the necessary liquidity to continue its health care operations, and fulfill its commitment to support the salaries of thousands of health care workers during this period.
