EY failed to spot a major fraud by main shareholders of UAE hospital operator NMC Health in what lawyers for the firm's administrators described as disgraceful auditing, at the start of a roughly ...

EY was the group’s auditor from 31 December 2012 until NMC was placed into administration. The firm is under investigation by the Financial Reporting Council (FRC), for its role in NMC’s audits.

The core operations of NMC, the largest private healthcare provider in the United Arab Emirates (UAE), exited administration in Abu Dhabi on Friday to form a new company.

EY continued to audit NMC Health Plc despite suspicions that management withheld key documents that revealed its true debt position, lawyers for the collapsed firm argued at the start of a £2 ...