Company No: 3736872. Troubled hospital operator NMC Health said on Monday it agreed to sell its Spain-based fertility business Eugin Group to European hospital operator Fresenius Helios for … … Restore the UN’s independence and abolish the veto, The Eighth Pillar: Baghdad between Ankara and Tehran, Young Egyptian finds fortune in scorpions, UK minister on Britain's efforts regarding COVID-19 vaccine, India's Modi visits vaccine centres as COVID-19 cases surge, Peter Pitts, President & co-founder of the Center for Medicine in the Public Interest, Over 12.4 mln doses of coronavirus vaccines distributed, 2.5 mln administered: US CDC, Dialysis clinics provide new path for delivery of coronavirus antibody drugs in US, Link between coronavirus vaccine shot, Swiss death 'highly unlikely': Drugs regulator, For all the latest headlines follow our Google News channel online or via the app, Troubled UAE hospital operator NMC Health seeks investors, NMC Health gets operating reprieve with $250 mln loan, NMC Health’s international fertility business may likely be put up for sale, At least 13 killed in Aden airport attack after new Yemeni government lands, Former Israeli spy in US arrives in Tel Aviv, greeted with prayer and passport, Afghan troops and police abandon nearly 200 checkpoints to the Taliban, Coronavirus: Biden offers gloomy vaccine outlook after first US case of virus variant, Yemeni military intercepts explosive-laden drone near Aden’s presidential palace, UK’s House of Commons backs Brexit trade deal by 521 votes to 73, Billion-dollar Captagon pills seized in Italy smuggled by Hezbollah, not ISIS: Report, Coronavirus: Saudi Arabia extends suspension of international flights by another week, Coronavirus: UAE detects ‘limited’ number of new COVID-19 variant infections, Coronavirus: China jails citizen journalist for live reporting from Wuhan, US: Explosion rocks downtown Nashville early Christmas morning, Coronavirus: Dubai bans New Year’s Eve private gatherings of more than 30 people, Lebanon’s rule of law proves arbitrary as Beirut port explosion probe stalls, Coronavirus: UAE COVID-19 cases cross 200,000 with 1,227 new infections, Coronavirus: Saudi interior, culture ministers, GEA chairman receive COVID-19 vaccine, US to require negative COVID-19 test results from all UK travelers starting Dec. 28, Coronavirus vaccine with ‘non-halal’ ingredients permissible for Muslims: UAE Council, Saudi minister confirms imams fired after failing to warn against Muslim Brotherhood, Abu Dhabi welcomes back intl tourists from 'Green' countries amid coronavirus: A list. NMC says of itself that it’s “the largest private healthcare company in the UAE and ranks amongst the leading fertility service providers in the world,” and it’s the first Abu Dhabi-based company to list on the London Stock Exchange. NMC Health's stock was trading at $2.19 on March 11th, 2020 when Coronavirus reached pandemic status according to the World Health Organization (WHO). But I’d buy these seven cheap shares! And if you click here we’ll show you something that could be key to unlocking 5G’s full potential... On 13 April, NMC Health announced it had called in the administrators, under pressure from Abu Dhabi Commercial Bank, to which it owed $1bn. The Muddy Waters report on Dec. 17 raised concerns that the Middle East’s largest hospital operator had overpaid for assets, inflated cash balances and understated debt. Here’s why buying UK shares is a better way to make a million. It includes previously undisclosed debt of $4bn, for a total debt pile of more than $6.5bn. In its response, NMC Health has said it “will review the assertions, insinuations and accusations made in the report, which appear principally unfounded, ba… And it has a reputation for first-class investigative skills. That’s what’s happened to NMC Health (LSE: NMC), and there are lessons to be learned. It’s different for investigative investors such as Muddy Waters, which essentially pulled the plug on NMC Health in December. My Motley Fool colleague Edward Sheldon has explained how a company entering administration is bad news for shareholders. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! To help you make a good choice, our sister site - MyWalletHero, has reviewed and ranked some of the UK's top share dealing brokers. The renowned analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW. And, as it happens, NMC Health chairman BR Shetty and vice-chairman Khalifa Al Muhairi dumped a load of shares in January and February. The board asked for Co-Chairman Shetty’s resignation, which takes effect immediately, according to a person with knowledge of the situation. If you require any personal advice or personal recommendation, please speak to an independent qualified financial adviser. What are they worth now? In the 20 years since Elizabeth’s death, Anne and Graeme Dixon have pursued a determined but distressing quest for answers and to uncover the truth about what happened to their daughter. DUBAI (Reuters) - Troubled hospital operator NMC Health NMC.L said on Monday it requested its shares be delisted from the London Stock Exchange after they were suspended two months ago. Registered in England & Wales. So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. About Us  |  Contact Us  |  Fool Careers | The Fool UK Team  |  Legal Information  |  Disclaimer & Disclosure  |  Privacy & Cookie Statement  | GDPR | Terms & Conditions  |  Site Map. The FTSE 100-listed hospital group said it … The Motley Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA (FRN: 422737). It was also revealed that Shetty had pledged stake in both NMC Health and Finablr as collateral for loans. Important information and risk disclaimer: The value of shares and any income produced can fall as well as rise, and you may get back less than you invest. The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates. NMC Healthcare has now plunged to 775 pence and chump change, a victim of the same shocking lack of basic governance, norms and ethics that destroyed the criminal private equity firm Abraaj Capital, the UAE listed contractor Drake & Scull, and the multiple Al Ponzi Capital cowboys who have fleeced billions of dollars from investors in the GCC and beyond. Markets Hub - NMC Health PLC The company said it had been informed by Mr Shetty that First Abu Dhabi Bank has tried to take possession of some of his shares under a loan agreement. These were the dogs of the FTSE 100 in 2020. Troubled hospitals provider NMC Health has revealed it has almost $3bn more debt than it previously realised, as it continues to investigate an accounting scandal. 3 UK shares for 2021 I think could TREBLE my money in the new bull market! Here’s what I’d do now, Warning! Exchange rate fluctuations can reduce the sterling value of any overseas holdings. © 1998 – 2020 The Motley Fool. Please refer to FOS and FSCS for up-to-date information, including eligibility criteria. By Suzi Ring and Lisa Pham NMC Health Plc, a hospital operator targeted by short seller Muddy Waters, said founder Bavaguthu Raghuram Shetty resigned amid investor concern he faced a margin call and misrepresented his stake. REMOVED FROM BOARD DISCUSSIONS: On Monday, February 11, NMC Health Plc, operator of the biggest network of hospitals in the UAE, said that its chairman, Dr. B.R. We have taken reasonable steps to ensure that any information provided is accurate at the time of publishing. So the lesson I take is — if Muddy Waters says a company’s bad, run for the hills. MyWalletHero is The Motley Fool UK’s new personal finance brand devoted to helping you live a richer life. The announcement from NMC Health was the kind of thing that gives corporate governance experts nightmares. A UK court placed NMC Health into administration on the application of ADCB last week. NMC Health (Arabic: مستشفى المركز الطبي الجديد‎) is a healthcare chain and distribution business in the United Arab Emirates (UAE). Each of these emails will provide a link to unsubscribe from future emails. And right now, we're giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. At its peak in 2018, NMC Health stock was trading at more than £40 per share. According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…. What's more, we firmly believe there's still plenty of upside in its future. In this capacity we are permitted to act as a credit-broker, not a lender, for consumer credit products. Perhaps the most damaging of all was the revelation in March that NMC Health’s actual debt was $6.6 billion, far higher than the $2.1 billion it had initially revealed. This little-known State Pension rule change could halve your retirement income overnight, 4 things within your control that can make or break your retirement dreams, Free Report: 5 Stocks For Trying To Build Wealth After 50. Because we're offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our 'no quibbles' 30-day subscription fee refund guarantee. The company’s creditors and bondholders are ahead in the queue. At its peak in 2018, NMC Health stock was trading at more than £40 per share. We may also publish information about consumer credit, loan, mortgage, insurance, savings and investment products and services, including those of our affiliate partners. The auditors aren’t being paid by the company to perform an in-depth investigation to look for wrongdoings. Britain's accounting regulator said it has opened an investigation into EY's audit of NMC Health, the troubled hospital operator that was placed into administration in April. When a company is up to its neck in trouble and key insiders are selling, well, I think you know the rest. Alan Oscroft | Monday, 27th April, 2020 | More on: NMC. I’m listening to Jim Cramer because I want to get rich from shares like he did, UK: Freelance Credit Card / Personal Finance Writer, A Top Small-Cap Stock from The Motley Fool UK. Shareholders who heeded December’s report and sold out saved themselves from total wipeout. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. So don’t assume that just because a company is in the FTSE 100, its accounts must be squeaky clean. But the shine has been taken off that somewhat by a share price crash of 44% in the days since the Muddy Waters report was released. The Motley Fool UK owns shares of and has recommended NMC Health. Click here for The Motley Fool UK’s resources on Coronavirus and the market. And that leads me to lesson number two. And if there’s anything left of its assets once its debts are dealt with, only then might shareholders be left with anything. Feb 2020: Shetty resigns from the board of NMC Health as director and non-executive member. Exchange rate charges may adversely affect the value of shares in sterling terms, and you could lose money in sterling even if the stock rises in the currency of origin. On 13 April, NMC Health announced it had called in the administrators, under pressure from Abu Dhabi Commercial Bank, to which it owed $1bn. The FinecoBank* Multi-Currency Trading Account offers UK investors highly competitive share-dealing rates across 26 global markets. I seriously doubt there’ll be anything left, as the scale of NMC Health’s debts is truly shocking. London-listed NMC Health, an integrated healthcare provider operating across the United Arab Emirates and some Gulf markets, said founder BR Shetty would be joint non-executive chairman of the company. Since then, NMHLY shares have decreased by 89.8% and is now trading at $0.2235. I’ve seen plenty of company collapses during my years as a private investor. I'm sure you'll agree that's quite the statement from Motley Fool Co-Founder Tom Gardner. NMC, the UAE’s leading health care provider, was founded in the 1970s by Indian entrepreneur BR Shetty and run before its collapse by CEO Prasanth Manghat. BR Shetty’s wish seems to have come true as he has been overwhelmed with problems ever since his fortunes dwindled after becoming one of first Indians to make his fortune in the UAE’s healthcare industry when he set up NMC Health … Now on Monday, the end of NMC as a listed company has come, after it requested the cancellation of its shares on the London Stock Exchange. VAT Number: 188035783. Any opinions expressed are the opinions of the author only. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Troubled UAE hospital operator NMC Health seeks investorsNMC Health gets operating reprieve with $250 mln loan, NMC Health’s international fertility business may likely be put up for saleNMC, which was founded by Indian businessman BR Shetty in the mid-1970s, became the largest private healthcare provider in the UAE but run into trouble after short-seller Muddy Waters questioned its financial reporting and doubts emerged over the size of stakes owned by its biggest shareholders.In a statement on Monday, NMC said it was “committed to seeking exits on commercial terms from international activities that are not considered to be core operations.”, NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates. (File photo), Last Update: Monday, 21 December 2020 KSA 16:07 - GMT 13:07, UN chief seeks international monitors for Libya's fragile ceasefire, Egypt's prosecution wants accusations against police excluded from Regeni case, Egypt summons Ethiopia's envoy over comments. Other top management personnel at his companies have since resigned or fired. All rights reserved. The value of stocks and shares and any dividend income, may fall as well as rise, and is not guaranteed so you may get back less than you invested. Should you require advice you should speak to a qualified financial adviser. But the thing is, a company’s auditors are working on the company’s behalf. The Financial Ombudsman Service and Financial Services Compensation Scheme may consider certain investment related claims. NMC Health has a market value of $2.4 billion and a total debt of $6.6 billion. 3 great ways I think UK share investors can make huge ISA profits in 2021! Let’s conquer your financial goals together… faster! BR Shetty & NMC Health. Any performance statistics that do not adjust for exchange rate changes are likely to result in inaccurate real returns for sterling-based UK investors. The following events have happened ever since the Muddy Waters publication. Alan Oscroft has no position in any of the shares mentioned. RISK WARNINGS AND DISCLAIMERS What will happen at the GCC Summit in Riyadh? Here’s your chance to discover exactly what has got our Motley Fool UK analyst team all revved up about this ‘pure-play’ online business (yes, despite the COVID pandemic!). 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No liability is accepted by the author, The Motley Fool Ltd or its Officers, or Richdale Brokers and Financial Services Ltd or its Officers, for any investment loss, or any other loss or detriment experienced by any individual for any investment decision, whether consequent to, or in any way related to this content, the provision of which is an unregulated activity. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. The Motley Fool, Fool, and the Fool logo are registered trademarks of The Motley Fool Holdings Inc. My favourite FTSE 100 share had an awful 2020. MyWalletHero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd. Check out our top picks for the best share dealing brokers. In my view, it’s going to be very rare Muddy Waters will get something like this wrong. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit! Overall, UAE banks have a combined exposure of at least Dh8bn to the healthcare firm. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, administrative costs, withholding taxes, different accounting and reporting standards, may have other tax implications, and may not provide the same, or any, regulatory protection. If you’re aiming to get your finances on track and you’re in or near retirement, then here’s your chance to claim a FREE copy of an exceptional investing report featuring 5 stocks that The Motley Fool UK is expressly recommending for INVESTORS aged 50 and OVER to consider investing in! I would like to receive emails from you about product information and offers from The Fool and its business partners. I expect much higher returns in 2021! And unless they find anything glaring, they have to take a lot of what the company says in good faith. “This Stock Could Be Like Buying Amazon in 1997”. I reckon almost certainly zero. 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 … Find an investing service that’s right for you! That’s what’s happened to NMC Health (LSE: NMC), and there are lessons to be learned. NMC concludes the report to be false and mis-leading, and outlines below factual inaccuracies and provides important additional information. Back then, Muddy Waters said it believed NMC had “manipulated its balance sheet to understate debt,” having taken a short position against the firm. Other significant creditors include Abu Dhabi Islamic Bank, Dubai Islamic Bank, Barclays and Standard Chartered. A firm like Muddy Waters has to have a pretty tight case to make such potentially devastating claims. This was exactly what happened, which is why NMC Health no longer had access to the funds in its bank accounts and those monies coming to them from health insurers. For all the latest headlines follow our Google News channel online or via the appThe transaction, which went through a competitive sale process, is expected to close by the end of the first half of next year, NMC Health said in a statement.NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates. We do not provide personal advice neither will we arrange any product on your behalf. What happened at NMC Health? FTSE 100 watch: 3 UK shares I’d buy to TREBLE my money during the new bull market, 2 high-yield dividend stocks I’d buy for 2021, AstraZeneca’s Covid-19 vaccine approved! One of the United Arab Emirates' largest banks has applied to the UK's High Court to appoint administrators for the troubled private hospital operator NMC Health. And we might wonder if LSE auditing regulations are too lax. To get the full research report for FREE, simply click the button below to get the full details sent straight to your inbox. In this FREE STOCK REPORT, The Motley Fool UK's Managing Director Mark Rogers and his analyst team just revealed what they believe is a "Top Growth Share" that they think savvy investors should buy today, while they still can. B.R. And here’s one lesson for investors. Forget the rocketing Bitcoin price! You should not invest any money you can’t afford to lose and should not rely on any dividend income to meet your living expenses. The content provided in this article has not taken into account the circumstances of any specific individual, and does not constitute personal advice or a personal recommendation for any individual; neither should it be relied upon by any individual when making an investment decision. … Coronavirus: How does AstraZeneca's vaccine compare with Pfizer-BioNTech? Now we know the scale of the debt understatement, Muddy Waters has been well and truly vindicated. NMC Health Plc ("NMC" or the "Company" or the "Group") has considered the report issued by Muddy Waters on Tuesday 17 December 2019. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. In 2002, the couple made a complaint to the NMC about nurse Joyce Aburime who was looking after Elizabeth on the night of her death. So, final lesson. That was a month after trading in the shares had been suspended, at a price of 938p. The Indian-born founder of healthcare firm NMC Health has stood down from his company after questions were raised over its finances. NMC HEALTH PLC UPDATE: Berger Montague Updates Investors Regarding Securities Fraud Claims Against NMC Health Plc. We might wonder how this can happen to a company regulated by the LSE with a FTSE 100 listing. NMC Healthcare has now plunged to 775 pence and chump change, a victim of the same shocking lack of basic governance, norms and ethics that destroyed the criminal private equity firm Abraaj Capital, the UAE listed contractor Drake & Scull, and the multiple Al Ponzi Capital cowboys who have fleeced billions of dollars from investors in the GCC and beyond. Shetty has resigned as … Troubled hospital operator NMC Health said on Monday it agreed to sell its Spain-based fertility business Eugin Group to European hospital operator Fresenius Helios for an enterprise value of $526.71 million (430 million euros). The Company operates and manages over 200 facilities in 19 countries. Use promo code FIN100-ML today and enjoy up to 100 free trades within your first three months! Smarter, Happier, and Richer: read our Foolish guide to getting your finances in order. The Motley Fool Ltd. But it’s rare it happens to one that’s made it as far as the FTSE 100. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. NMC Health NMC Health (which stands for New Medical Centre) has announced that it's under investigation by the Financial Conduct Authority (FCA). Registered Office: 5 New Street Square, London EC4A 3TW. Abu-Dhabi based healthcare firm NMC Health is embroiled in a bitter battle with U.S. short seller Muddy Waters, after the latter produced a report questioning the … NMC Health wants to raise up to $250 million ahead of UAE insolvency process: Sources SHOW MORE Last Update: Wednesday, 09 December 2020 KSA 20:04 - GMT 17:04 Simply enter your email address below to discover how you can take advantage of this. , NMC what happened to nmc health ( LSE: NMC ), and there are lessons to be false and,. Over 200 facilities in 19 countries statement from Motley Fool Ltd exchange changes., according to one leading industry firm, the 5g boom could create a industry! 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What will happen at the time of publishing I ’ ve seen plenty of upside in its future way you..., well, I think you know the scale of the debt understatement, Muddy Waters will get like., well, I think UK share investors can make huge ISA profits in 2021 would like to receive from! Shetty ’ s what ’ s behalf 's quite the statement from Motley Fool colleague Sheldon! S right for you PLC UPDATE: Berger Montague Updates investors Regarding Securities Fraud claims Against NMC was... In 2016, the value has soared claim your copy now — and we might wonder if LSE regulations!