At the beginning of a $ 3 billion London trial on Monday, the UAE hospital operator failed to identify a major fraud by the main shareholders of the NMC Health shareholders.
NMC organizers – an FTSE 100 company fell after revealing more than 4 billion in hidden loans hidden in 2020 – the audit is being sued from 2012 to 2018, when the EE has given an ineligible opinion that NMC accounts are valid.
The company’s organizers Alvarez and Marcel say EY, one of the world’s “Big Four” auditors and is previously known as Ernest and Young, was negligent in failing to have appropriate access to NMC books, which was not reported by billions.
However, EYi has denied the allegations of this negligence and argued that he was his senior NMC personnel who committed fraud and manipulated his accounts, and hid the fraud from EY.
The 12 -week trial in the High Court, which began on Monday, is the latest case against a major auditor, and after the recent criticism of EYI, especially the travel firm Thomas Cook and the German payment company on work for a wire card.
The NMC Health PLC was listed in London in 2012 and joined the FTSE 100 in 2017, before the short -salary mud wateris questioned its financial matters in December 2019, in which NMC shares were sent to a Tumblving by about one -third in a day.
NMC organizers were looking for damages for up to 2.7 billion pounds from EY, which are largely related to unknown guarantees, but due to judicial filing for trial trial, the figure has been placed on a pound of interest.
His lawyer, Simon Salzodo, said that in seven years, the EE audit was “basic examples of the audit of major firms, which have defamed the courtroom in this jurisdiction.”
Salzodo acknowledged that the auditors who give false votes are not equivalent to negligence, but he said: “Two false opinions look like a lot of carelessness and it is difficult to explain it.”
But EY lawyers filed a filing of court that the auditoring firm was “a basic goal and fraud” itself was done by the NMC staff for the benefit of its principal shareholders.
The EE lawyers said the NMC’s case was based on an auditor’s expectation that “a wide and collective fraud would be impossible by the directors and the administration.”
The NMC has taken separate legal action against its founder BR Shetty, which denies any wrongdoing, and to others in London, the United Arab Emirates and the United States.
(Amendment of Tom Tomas Johnoski by Sam Tubin)
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