Regional news: Africa & Middle East
GRR Live, New York: China’s debt-trap conspiracy
After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.
19 October 2022
NMC Healthcare secures anti-enforcement order against “rogue creditor”
Middle Eastern healthcare group NMC has restrained financial broker Noor Capital from pursuing enforcement proceedings against it in Dubai, with counsel to the group telling GRR the injunction prevents “one rogue creditor” undermining its successful restructuring.
10 October 2022
ADGM court issues US$1bn freezing order against former NMC chief
Abu Dhabi Commercial Bank has secured a worldwide freezing order against the former CEO of Middle Eastern healthcare group NMC, who it accuses of being part of a major fraud that led to the group’s collapse.
05 October 2022
NMC Healthcare gets brief reprieve from creditor claims in Dubai
A court in Abu Dhabi’s financial free zone has partially restrained financial broker Noor Capital from pursuing enforcement proceedings against restructured healthcare group NMC in Dubai, ahead of a hearing next week over a UAE judgment debt arising out of a December 2019 loan agreement.
28 September 2022
ADGM enacts updated insolvency practitioner framework
The Abu Dhabi Global Market has implemented reforms to its insolvency practitioner framework that do away with the need to have a registered office address in the financial free zone to obtain a license.
16 September 2022
Abu Dhabi free zone court extends NMC administrations
Two companies in the Middle Eastern NMC Healthcare group have had their administrations extended in Abu Dhabi’s financial free zone to allow their administrators to continue investigations into the business and pursue litigation.
15 September 2022
Baker McKenzie disqualified from representing Russian bank
Baker McKenzie has been disqualified from representing a Russian bank in US discovery proceedings in aid of an alleged fraud claim against a Dubai-based commodities trader, after a Georgia judge found the firm had a conflict of interest because it was approached to advise the trader in a liquidation last year.
02 September 2022
Crypto bank Nuri files insolvency proceedings in Germany
As the “crypto winter” continues, a German crypto-focused digital banking platform has entered insolvency proceedings before a Berlin court, while crypto exchange CoinFlex has announced it is seeking to restructure in the Seychelles.
11 August 2022
Grant Thornton hires new UAE restructuring leader from Kroll
Grant Thornton has recruited one of GRR’s recently named “40 under 40” from Kroll to lead its United Arab Emirates financial restructuring and insolvency practice.
07 July 2022
ADGM floats reforms to attract more insolvency practitioners
The Abu Dhabi Global Market (ADGM) has floated potential reforms to attract more insolvency practitioners to register in the UAE free zone – and is seeking input.
13 June 2022