Ernst & Young (EY) faces serious allegations of negligence as a £2 billion ($2.7 billion) trial unfolds in London regarding NMC Health Plc’s substantial debt crisis.

Legal representatives for NMC Health contended that EY proceeded with auditing the company despite having concerns that the management was intentionally withholding vital documentation that could potentially clarify its true financial liabilities.

The lawyers underscored that it was 'remarkable' for EY to continue its audits against a backdrop of such troubling suspicions.

In response, EY has categorically denied these allegations, labeling them as 'unfounded.' The ongoing legal battle comes in the wake of NMC Health's dramatic collapse, which has instigated a series of lawsuits and investigations both in the UK and the United States.

Regulatory authorities in the UK have previously criticized the once-prominent Middle Eastern hospital operator, indicating that it misled investors about its debt levels, which may have reached $4 billion.

During court proceedings, attorneys for EY argued that NMC Health’s case is 'enormously inflated' and that any potential losses claimed are significantly overstated.

They posit that the claims rely on an exaggerated view of EY’s obligations and unrealistic expectations regarding auditor conduct under difficult client circumstances.

NMC Health entered administration in 2020, following a report from a short seller that brought to light the severe scale of the company's financial difficulties.

EY’s spokesperson emphasized that the responsibility for the alleged widespread fraud rests firmly with the respective perpetrators, including NMC’s owners, directors, and financial teams.

B.R. Shetty, the founder of NMC Health, has distanced himself from the case, denying any wrongdoing and citing himself as a victim of the fraud.

In a separate legal context, Shetty has faced lawsuits from NMC itself, claiming that former executives and EY share the blame for the alleged fraudulent activities.

His legal representatives have not provided comments on the ongoing trial.

Aidan O’Rourke, representing NMC Health, expressed confidence in the negligence claim against EY, asserting that the trial could lead to significant recovery for the company’s creditors.

Meanwhile, Ryanair reported a 16% decline in annual profits attributed to weakened average ticket prices.

The airline, which holds the title of Europe’s largest low-cost carrier, indicated in its financial results for the fiscal year concluding on March 31 that net profits after tax reached €1.6 billion ($1.79 billion), aligning with analysts' expectations.

Ryanair's Chief Executive Michael O'Leary noted a robust demand for travel anticipated in the approaching summer season, projecting a modest increase in ticket prices.

Over the past twelve months, Ryanair transported 200 million passengers, having revised its earlier target to 205 million due to delays in receiving new aircraft from Boeing.

The airline aims to serve 206 million passengers by the fiscal year ending March 31, 2026.

In a separate development, the Emirates Development Bank announced the launch of the Emirati Growth Fund with a total capital of one billion dirhams designed to accelerate the growth of small and medium-sized enterprises (SMEs) in the UAE.

The fund aims to enhance the resilience and competitiveness of SMEs on a global scale.

Initiated during the fourth edition of the 'Made in the Emirates' campaign, the fund offers long-term financing solutions and aims to establish strategic partnerships with high-growth companies across key sectors, including manufacturing, food security, healthcare, and advanced technology.

Targeting UAE-based SMEs with promising growth potential, the fund primarily focuses on enterprises that typically achieve annual revenues of at least 10 million dirhams.

Investments are projected to range from 10 million to 50 million dirhams per company, aiming to close the financing gap for high-potential SMEs in the UAE.

Dr. Ahmad Belhoul Al Falasi has been appointed as the Head of the Fund, with Naja Ahmad Al Madfa taking the role of Vice President and Managing Director.

The board includes prominent members from various sectors, poised to steer the fund towards its objectives.

The Emirati Growth Fund is presented as a pivotal mechanism to transform the industrial sector in the UAE and to further enhance the national strategy aimed at boosting the manufacturing sector’s contribution to the GDP, targeting 300 billion dirhams by 2031. The fund distinguishes itself by fostering equitable investment models while enhancing governance, operational efficiency, and necessary institutional transformations among the supported companies.

In its inaugural move, the fund announced its first investment in the healthcare sector with a commitment to the 'Tarmim Hospital' for orthopedic and spinal surgery, marking the beginning of an investment portfolio aimed at generating significant value for the national economy.