LONDON,— The administrators of UAE hospital operator NMC Health have withdrawn their lawsuit in London seeking nearly 2 billion pounds, about $2.7 billion, plus interest from auditor EY, according to a High Court order dated January 29, Reuters reported.

The case stemmed from audits conducted between 2012 and 2018, during which EY issued an unqualified opinion stating that NMC’s financial accounts were accurate.

NMC (New Medical Center) later collapsed in 2020 after revealing more than $4 billion in previously undisclosed debt.

Court documents show that NMC’s administrators had demanded 1.94 billion pounds, largely related to hidden financial guarantees.

A trial began in London’s High Court in May and ended in October after months of legal proceedings.

Before the judge could issue a ruling, NMC withdrew the claim. The January 29 order states that there will be “no order as to the damages claimed or as to the costs of the claim,” without providing further explanation.

Lawyers representing NMC’s administrators, led by restructuring firm Alvarez & Marsal, did not immediately respond to requests for comment. Legal representatives for EY also declined to comment when contacted.

Alvarez & Marsal had accused EY, one of the world’s Big Four accounting firms and formerly known as Ernst & Young, of failing to detect what it described as a major fraud committed by NMC’s main shareholders.

EY argued during last year’s trial that the fraud was carried out by NMC’s own senior management, who it said manipulated financial records and concealed information from auditors.

NMC Health listed on the London Stock Exchange in 2012 and entered the FTSE 100 index in 2017.

Its share price plunged in December 2019 after U.S. short seller Muddy Waters raised questions about its financial statements, sending the stock down by nearly one-third in a single day.

(With files from Reuters)

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