NMC guaranteed repayment of those $335 million of borrowings, which the board was also unaware of. BR Shetty set up healthcare provider NMC in 1975. NMC Health was placed into administration last month following a petition from its largest lender, Abu Dhabi Commercial Bank. NMC will be shedding all non-core assets and refocus on being a UAE healthcare business. The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates. NMC Health reveals it has almost $3bn debt unknown to board. NMC Health, the first company Shetty started, stands accused of falsifying accounts and faces charges of fraud. Related: Want to Make a Gulf Dealmaker Laugh? Shares in Finablr Plc, which is also owned by Shetty, fell 8.3% on Wednesday, bringing this year’s decline to 84%. Share . Scandal-hit NMC Health has appointed a string of heavyweight advisers over an emergency restructuring of its debts after its shares were suspended last week. We have also researched the health … Asjad Yahya, Head of Investor Relations +971 (0) 56 219 0975. The London-listed company, Finablr, had a market value of GBP77m when it … The controversy over the National Medical Commission (NMC) Bill shows no signs of dissipating, even as resident doctors at the All India Institute of Medical Sciences (AIIMS) and Safdarjung Hospital in Delhi have called off their strikes in protest of the law. Simon Watkins, Group Company Secretary +44 (0) 203 205 7313. NMC has also asked its creditors for an informal standstill on its debt as Abu Dhabi considers injecting capital to mollify investors. Its troubles come less than two years after the collapse of Abraaj Group, which snuffed out private equity in the Middle East. Tweet . Shetty wants Indian investigative agencies to join probe msn.com - October 8 at 9:32 AM: NMC case: Probe identifies financers involved in fraud msn.com - October 8 at 9:32 AM: NMC Health investigations now target 'financiers' who aided with multi-billion dollar fraud msn.com - … The main City regulator, the Financial Conduct Authority, launched an investigation into NMC in late February, after shares were suspended from trading following the deepening accounting scandal at the hospital operator. While Carson Block may only have about 0.1 percent of the number of followers of the US President, one of his recent controversial posts proved to be just as powerful and set in motion a series of events that wiped nearly $2 billion off the value of the UAE’s largest private healthcare provider. Follow us @middleeast for more news on the region. Regulating the regulators What is the FCA’s role in the NMC saga? NMC Health sees three directors check out, including company founder B R Shetty Since Friday, four directors have now quit the board of the controversy magnet that is NMC Health The turmoil at NMC began in December, when the short-selling hedge fund Muddy Waters flagged concerns over asset values, cash balance, reported profits, and reported debt levels, as well as possible fraud and theft. The Nursing and Midwifery Council (NMC) has asked its own regulator to review a controversial ruling not to strike off a former nurse director who bullied staff and failed to act on patient safety risks. Before it's here, it's on the Bloomberg Terminal. The Nursing and Midwifery Council (NMC) is to carry out an investigation to see if the controversial IELTS exam is too hard. www.nmc.org.uk Standards of proficiency for registered nurses 2 Contents Introduction 3 The role of the nurse in the 21st century 3 How the proficiencies have been structured 6 Platform 1 Being an accountable professional 7 Platform 2 Promoting health and preventing ill health 10 Platform 3 Assessing needs and planning care 13 Platform 4 The discovery that NMC “has at least $2.7 billion in undisclosed debt and no cash, it is no longer just a fraud. The discovery more than doubles NMC’s borrowings to around $5 billion, up from the $2.1 billion that was disclosed in June. EY confirmed it had received a letter of claim from NMC Health’s administrators. Draft educational standards for student nurses reveal that Mentors could be replaced by Educational Assessors. “How could the company’s banks not raise flags until the share price of NMC started collapsing?” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd. “It shows the whole system around NMC and its service providers, who both thought they were untouchable, is in question.”. BR Shetty's flagship company NMC Health is the largest private healthcare provider in the United Arab Emirates and was founded by him in the 1970s. The RPL process will credit students for 460 hours to meet the stated NMC criteria. The shares have been suspended in London since Freeh’s findings were revealed Feb. 27, and the U.K.’s Financial Conduct Authority has started a formal enforcement investigation. “If the banks are going to suffer a shortfall, that means the likes of HMRC (the UK tax authority) and utilities companies aren’t going to get paid. Administrators set out a three-year turnaround plan in August that focuses its resources on its businesses in the UAE and Oman. Nursing Standard . The company, which until recently traded in the FTSE 100, is trying to establish the exact “nature and quantum” of the debt facilities, but some of the money may have been used for unauthorized purposes, NMC said late Tuesday. Troubled Abu Dhabi company’s debt rises to about $5 billion, NMC’s $400 million in sukuk crashes on news about hidden debt. That means banks themselves may not be paid in full. This is a shockingly bad time for a private hospital operator to suffer a financial scandal. UAE. NMC Health (report on Dec. 17) In a sign of how seriously investors are taking his critique of London-listed NMC Health, trading in the stock has surged to an average of almost 4 million shares a day since the report, compared with 563,000 daily in the preceding three months. More confusion has emerged over the shareholdings of several major shareholders and directors. The beleaguered founder of Abu Dhabi headquartered NMC Health, BR Shetty, has denied any wrongdoing in his first public statement issued since the controversy began. H ospital operator NMC Health has hit back at claims of financial mismanagement made by hedge fund Muddy Waters as “false and misleading”.. NMC Health (“NMC”) was founded in Abu Dhabi in 1975 and expanded to become the United Arab Emirates (UAE)’s largest health care company. The Nursing and Midwifery Council (NMC) has asked its regulator to review a controversial ruling to not strike off a former nurse director. Troubled hospital operator NMC Health said on Monday it requested its shares be delisted from the London Stock Exchange after they were suspended two months ago. The private healthcare group collapsed earlier this … The Financial Reporting Council said on Monday it began its investigation into the audit of NMC’s 2018 accounts in mid-April. Shetty, since the report has emerged, has flown back to India and has promised full disclosure of the all that transpired. Union Health Minister Dr Harsh Vardhan met with the protesting resident doctors at […] Move piles further pressure on EY, whose audit of Thomas Cook is also being investigated, Last modified on Mon 4 May 2020 11.31 EDT. On 17 January NMC initiated an independent review following claims made by short seller Muddy Waters, the controversial research firm run by Carson Block. The Abu Dhabi-based company runs private hospitals in the Middle East and also owns the Aspen Healthcare chain in the UK. Allopathy vs AYUSH in Maharashtra: Medical Council order sparks controversy By Garima Published On 2020-12-21T16:51:06+05:30 | Updated On 21 Dec 2020 11:21 AM GMT Mumbai: Controversy has erupted over the recent advisory issued by the Maharashtra Medical Council (MMC) wherein the council had called the association of allopathic doctors and doctors practising alternative … Founder Bavaguthu Raghuram Shetty was forced out on Feb. 17 after the company said he may have misreported the size of his stake, calling into question who really holds control. The hospitals and medical centres are not included in the administration and continue to operate. Together with our customers and business partners, our shareholders and our employees, we will be successful. Dubai Islamic Bank said on Sunday it has a $541 million exposure to troubled hospital group NMC Health, directly and through a unit, as UAE banks disclosed ties to … It … NMC Health owes $6.6 billion to lenders but had less than $5bn of assets on its balance sheet as of June 30 last year, according to its last filed accounts. Contact the Media team; Find out about events; Criteria Search. The company traded as low as $0.22 and last traded at $0.23. NMC Health said Muddy Waters' claims 'appear principally unfounded' UAE-based healthcare providers fell over 40% on Tuesday The shares … The group, whose share price has not recovered since Muddy Waters’ report, initially hit back calling it “unfounded, baseless and misleading” and subsequently published a detailed rebuttal on Wednesday evening. The stock had previously closed at $0.23. It had recommended nurse director Helen Lockett be struck off, but FtP panel was more lenient . Muddy Waters accused the firm of miss stating asset values, cash and debt. NMC denied those allegations. NMC founder B.R. S&P Global Ratings downgraded NMC Health PLC 's issuer credit rating to D from CCC- due to missed interest payments on its bank loans. ADVERTISEMENT. Read full article. It is the largest private healthcare provider in the United Arab Emirates. NMC Health Plc 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 … PHILADELPHIA, April 24, 2020 /PRNewswire/ -- Berger Montague updates investors regarding its securities fraud investigation into NMC Health Plc ("NMC" or the "Company") on behalf of investors who purchased NMC securities, including American Depositary Shares ("ADSs") (OTC Pink: NMHLY), between March 13, 2016 and April 15, 2020. Known for: Founder NMC Health, Finablr: Website: brshetty.com: Bavaguthu Raghuram Shetty is an Indian-born businessman who is the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi-based NMC Health, Neopharma, BRS Ventures, and Finablr. NMC’s $400 million sukuk due November 2023 collapsed after Tuesday’s statement, falling 38 cents on the dollar to less than 25 cents, according to data compiled by Bloomberg. Updates with details from fifth paragraph. NMC Health owes Abu Dhabi Commercial Bank (ADCB) $963 million, Dubai Islamic Bank $541 million, Abu Dhabi Islamic Bank $325 million, Standard Chartered $250 million and Barclays $146 million. This article is more than 9 months old. In the last year I have criss-crossed the UK with my colleagues learning what people think the NMC does well, what we could do better and what more we could do. The Company operates and manages over 200 facilities in 19 countries. NMC Health’s behaviour gives rise to concerns about fraudulent asset values and theft of company assets… We are unsure how deep the rot at NMC goes, but we do not believe that its insiders or financials can be trusted. The troubled hospital operator, which usually pays salaries by the 25th of every month, said in an internal email to employees on Monday that this month's payroll processing will commence only on May 27. Universities were making up for shortfalls by incorporating modern voluntary standards produced by other bodies such as the Queen’s Nursing Institute, and more than half were running additional post-registration courses that did not lead to recordable NMC qualifications, such as masters in public health nursing and advanced clinical practice. Founder resigns from top post as Muddy Waters impact continues. $NMC.LN has identified over $2.7 bln in undisclosed debt facilities, which exceeds reported debt of $2.3 bln. UAE's NMC Health delays May staff salaries - memo. The scandal also puts a spotlight on corporate governance in the United Arab Emirates as the country tackles the double whammy of managing the coronavirus outbreak and the oil-price war. NMC council papers reveal that the nursing regulator will be “gathering data and evidence” to investigate if the standards for English language testing are … NMC proposes controversial shake-up of Educational Standards for Student Nurses. The debt disclosures heap fuel on concerns that arose when an investigation found the board was unaware of borrowing arrangements involving NMC’s founder and its former vice chairman. Troubled NMC has brought in former FBI man Louis Freeh to investigate allegations made by US hedge fund manager Carson Block. They will be expelled from the blue-chip index this month in the next reshuffle. “While the NMC scandal may be overshadowed by other crises at the moment, it will likely encourage greater scrutiny over future transactions and investments taking place in the U.A.E.,” said Robert Mogielnicki, a resident scholar at the Washington D.C.-based Arab Gulf States Institute. The former chief executives of Finablr and NMC Health are among a group of 17 people who are claimed to have embezzled millions of UAE dirhams from the firms, the Sunday Telegraph reported today. The troubled Middle Eastern healthcare services company has been embroiled in controversy since short-seller Muddy Waters LLC issued warnings regarding its accounting practices. Watchdog investigates EY audit of scandal-hit NMC Health. Wow! 35, 3, 6-6. November 7, 2020, 11:11 AM. 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