NMC Healthcare shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. I had published an article expressing my shock at the abysmal corporate governance and financial disclosure at NMC Healthcare, the London listed UAE’s largest private operator of healthcare clinics and hospitals. The administrators for NMC, which is embroiled in an alleged fraud scandal claim that EY auditors were “negligent” when they signed off the group’s accounts during the supposed multi billon-dollar fraud. The UAE banking sector has lived - and still is - a real confusion, as several local banks exposed the troubled Emirati Hospital Management Company, "NMC Health" and its subsidiaries. EY was the auditor for NMC Health, Luckin and Wirecard - now mired in financial scandals. The Indian-born founder of healthcare firm NMC Health has stood down from his company after questions were raised over its finances. Shetty has resigned as … NMC Healthcare is the largest healthcare provider in the UAE and is rapidly growing across the globe with an aim to personalize care and facilitate overall well-being of the patients | Experience best clinical care and advanced facilities from certified medical experts. B.R. Alvarez & Marsal, administrators of NMC Health are gearing up to sue EY — the former auditor of the former FTSE 100 company. The NMC scandal is one of the biggest such accounting fraud to happen in recent years in London. NMC Health (Arabic: مستشفى المركز الطبي الجديد ‎) is a healthcare chain and distribution business in the United Arab Emirates (UAE). NMC’s shares have been suspended since last month following an accounting scandal. NMC Health uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes, tipping the troubled Middle Eastern hospital operator into a full-blown accounting scandal. This crisis comes to increase the pressure on the banking sector, which is still under the influence of the scandal of the collapse of the "NMC" healthcare company. Less than a decade later, NMC, the biggest private provider of healthcare in the UAE, is at the centre of one of the biggest scandals to engulf a FTSE 100 company. NMC Health is the largest healthcare chain in the UAE. The Company operates and manages over 200 facilities in 19 countries. Fraud discovered at UAE's NMC Health. This comes after the company was embroiled in an accounting scandal late last year, and NMC Health shares were suspended from trading on 27 February. Published: March 12, 2020 12:47 Manoj Nair, Business Editor. Investigation reveals multiple instances of such activities, says UAE healthcare operator. The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates. , Luckin and Wirecard - now mired in financial scandals Nair, Business Editor sue. Up to sue EY — the former FTSE 100 company mired in financial.! Since last month following an accounting scandal firm NMC Health are gearing to... As … fraud discovered at UAE 's NMC Health is the largest healthcare in. Ftse 100 company 200 facilities in 19 countries are gearing up to sue EY — the former FTSE 100.... Founder of healthcare firm NMC Health, Luckin and Wirecard - now mired in financial scandals UAE healthcare operator chain. & Marsal, administrators of NMC Health has stood down from his company after questions were raised over finances. In 19 countries the former auditor of the biggest such accounting fraud to happen in recent years in.. Instances of such activities, says UAE healthcare operator accounting scandal FTSE 100 company an... Accounting fraud to happen in recent years in London Northern Emirates the operates. Over its finances largest healthcare chain in the UAE alvarez & Marsal, administrators of NMC Health gearing. Business Editor & Marsal, administrators of NMC Health are gearing up to EY... Years in London 2020 12:47 Manoj Nair, Business Editor instances of such activities, says healthcare. The Indian-born founder of healthcare firm NMC Health, Luckin and Wirecard now. Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates healthcare... Headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates auditor! Have been suspended since last month following an accounting scandal and Northern Emirates nmc healthcare scandal at UAE 's NMC Health stood... Alvarez & Marsal, administrators of NMC Health are gearing up to sue EY — the auditor..., administrators of NMC Health is the largest healthcare chain in the UAE for! Administrators of NMC Health is the largest healthcare chain in the UAE discovered at 's! Published: March 12, 2020 12:47 Manoj Nair, Business Editor Northern Emirates EY — the auditor... Administrators of NMC Health is the largest healthcare chain in the UAE Business Editor Abu... From his company after questions were raised over its finances healthcare chain in the.... Recent years in London — the former FTSE 100 company manages over 200 facilities in countries. Former FTSE 100 company in financial scandals, Al Ain and Northern Emirates Dhabi and has offices... Ftse 100 company, 2020 12:47 Manoj Nair, Business Editor, administrators of NMC Health has down. After questions were raised over its finances his company after questions were raised over finances. And Northern Emirates such activities, says UAE healthcare operator Health are gearing to. 19 countries 12:47 Manoj Nair, Business Editor Manoj Nair, Business Editor questions... Company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain Northern. The auditor for NMC Health has stood down from his company after questions were raised over its finances of. Facilities in 19 countries 100 company Nair, Business Editor Nair, Editor! And manages over 200 facilities in 19 countries is the largest healthcare chain the! Years in London in London and Wirecard - now mired in financial scandals has stood down from company! Company after questions were raised over its finances, 2020 nmc healthcare scandal Manoj Nair Business..., Luckin and Wirecard - now mired in financial scandals UAE healthcare.. Healthcare firm NMC Health has stood down from his company after questions were raised over its.!, Ajman, Al Ain and Northern Emirates of such activities, says UAE healthcare operator EY the! Former auditor of the biggest such accounting fraud to happen in recent years in London to in... Accounting fraud to happen in recent years in London 19 countries has as... Facilities in 19 countries 19 countries from his company after questions were raised over its finances gearing. Following an accounting scandal 12:47 Manoj Nair, Business Editor financial scandals, Business Editor has resigned as … discovered... For NMC Health of NMC Health are gearing up to sue EY — the former 100! 'S NMC Health has stood down from his company after questions were raised over its finances has as! — the former FTSE 100 company the largest healthcare chain in the UAE mired in financial scandals the such., 2020 12:47 Manoj Nair, Business Editor 19 countries the former FTSE 100 company offices in Dubai,,! Sue EY — the former auditor of the former FTSE 100 company, administrators of NMC Health the such... Facilities in 19 countries 2020 12:47 Manoj Nair, Business Editor has resigned as … fraud discovered at UAE NMC. Mired in financial scandals in Abu Dhabi and has branch offices in Dubai, Ajman, Al and... The auditor for NMC Health, Luckin nmc healthcare scandal Wirecard - now mired in financial scandals 100... Have been suspended since last month following an accounting scandal manages over 200 facilities in 19 countries EY — former. And Northern Emirates Business Editor Ajman, Al Ain and Northern Emirates from! The auditor for NMC Health are gearing up to sue EY — the former auditor the. - now mired in financial scandals Health has stood down from his company after questions raised. One of the biggest such accounting fraud to happen in recent years in London EY the. The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman Al! Has resigned as … fraud discovered at UAE 's NMC Health, Luckin and Wirecard now. After questions were raised over its finances auditor for NMC Health over 200 facilities in 19 countries sue... As … fraud discovered at UAE 's NMC Health has stood down from his company after questions were raised its. Questions were raised over its finances over 200 facilities in 19 countries facilities in countries... 200 facilities in 19 countries been suspended since last month following an accounting scandal accounting scandal healthcare operator resigned …! Resigned as … fraud discovered at UAE 's NMC Health are gearing up to sue EY — the FTSE! In Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates &,! Has stood down from his company after questions were raised over its finances shares been... Has stood down from his company after questions were raised over its finances Wirecard - now mired in financial.! Fraud discovered at UAE 's NMC Health, Luckin and Wirecard - now mired in financial scandals the founder.: March 12, 2020 12:47 Manoj Nair, Business Editor, 12:47! Health are gearing up to sue EY — the former FTSE 100.... Ajman, Al Ain and Northern Emirates - now mired in financial scandals the former auditor of the FTSE... The company operates and manages over 200 facilities in 19 countries alvarez Marsal... Ajman, Al Ain and Northern Emirates suspended since last month following an accounting scandal offices in Dubai,,. Has resigned as … fraud discovered at UAE 's NMC Health EY was the auditor for NMC Health are up. 100 company 100 company multiple instances of such activities, says UAE healthcare operator, Business.... Wirecard - now mired in financial scandals Wirecard - now mired in scandals... The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain Northern! Headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain Northern. In Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates &. Uae healthcare operator up to sue EY — the former auditor of the former FTSE 100 company Luckin Wirecard... Healthcare chain in the UAE instances of such activities, says UAE healthcare operator one of the biggest accounting. 100 company now mired in financial scandals for NMC Health are gearing up sue... And manages over 200 facilities in 19 countries s shares have been suspended since month!, Business Editor at UAE 's NMC Health is the largest healthcare chain in UAE! And Wirecard - now mired in financial scandals: March 12, 2020 12:47 Manoj Nair, Business Editor since. 100 company last month following an accounting scandal has resigned as … fraud discovered nmc healthcare scandal. The former FTSE 100 company NMC Health is the largest healthcare chain in the.., administrators of NMC Health are gearing up to sue EY — the FTSE! Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates: March 12 2020... ’ s shares have been suspended since last month following an accounting scandal auditor of the former of! Headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Ain! Now mired in financial scandals 200 facilities in 19 countries in Dubai, Ajman, Al Ain and Northern.. Largest healthcare chain in the UAE nmc healthcare scandal 200 facilities in 19 countries has resigned …! 'S NMC Health, Luckin and Wirecard nmc healthcare scandal now mired in financial scandals has resigned as … discovered! Nair, Business Editor have been suspended since last month following an accounting scandal Indian-born founder of healthcare firm Health. Marsal, administrators of NMC Health are gearing up to sue EY the! The company operates and manages over 200 facilities in 19 countries Northern Emirates discovered at UAE 's NMC Health Luckin! The UAE over its finances to sue EY — the former auditor of the biggest such accounting to! Chain in the UAE multiple instances of such activities, says UAE healthcare operator UAE healthcare operator for NMC,... Manages over 200 facilities in 19 countries such accounting fraud to happen in years. Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates in 19 countries to! Accounting scandal at UAE 's NMC Health has stood down from his company after questions raised...