NMC Health built a chain of private hospitals from its base in the United Arab Emirates, operating and managing over 200 facilities in 19 countriesOn the eve of Muddy Waters Research issuing its damning report on NMC Health, one of the private hospitals group’s largest creditors was under the impression that the FTSE 100 company was in “sound financial health”. Mazen Zo’mot, a head of wholesale banking at Abu Dhabi Commercial Bank, met Prashanth Shenoy, NMC’s chief financial officer, in December for a routine discussion on the repayment of some debt, “which it usually did every year”, and its potential new business opportunities in Saudi Arabia. Bavaguthu Raghuram Shetty, an Indian pharmacist, founded NMC Health in 1975 ANDREW PARSONS/I-IMAGESNine days later, on December 17, Muddy Waters, the US investment firm and short-seller, shocked NMC’s lenders and investors by raising accounting and governance concerns in a report that led to the collapse of NMC into administration in only four months. The suspected

Source: The Times April 17, 2020 23:01 UTC