ADGM court allows disclosure of bank records in NMC case

The Abu Dhabi Global Market (ADGM) Court has ruled that Bank of Baroda may be required to disclose suspicious transaction reports (STRs) and related internal records in civil proceedings linked to the collapse of NMC Healthcare, following changes to the UAE’s anti-money laundering law.

- Mazhar Farooqui

In a judgment delivered recently, Sir Andrew Smith allowed applications by the joint administrators of NMC Healthcare Ltd and NMC Holding Ltd to set aside a previous order that had blocked disclosure of such documents.

The decision follows the introduction of Federal Decree-Law No. 10 of 2025 on Anti-Money Laundering, Counter-Terrorism Financing and Counter-Prolifer-ation Financing, which came into force on October 14 this year, replacing the earlier 2018 law.

The ruling forms part of long-running civil _proceedings brought by NMC’s administrators against the company’s founder Ba-vaguthu Raghuram Shetty, former executive Prasanth Manghat, and Bank of Baroda, over alleged misconduct linked to NMC’s collapse.