NMC Health

NMC Health
Company typePublic
LSE: NMC
(Suspended as of 9 April 2020)
IndustryHealth
Founded1974
FounderB. R. Shetty
HeadquartersAbu Dhabi, United Arab Emirates
Key people
    • David Hadley (CEO)
RevenueIncrease $2,057.3 million (2018)[1]
Increase $379.8 million (2018)[1]
Increase $251.9 million (2018)[1]
Number of employees
c.18,000 (2018)[1]
Websitewww.nmchealth.com

NMC Health (Arabic: مستشفى المركز الطبي الجديد) is a healthcare chain and distribution business in the United Arab Emirates (UAE). The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates. The company operates and manages over 200 facilities in 19 countries.[2]

The company was accused in 2019 of understating debt on its balance sheet and later revealed that debt of US$2.7 billion had not been reported.[3][4]

On 8 April 2020, NMC was placed into administration by UK High Court judge Sebastian Prentis due to the insolvency of the company caused by frauds alleged to have been committed by the founder and chairman of the board B. R. Shetty.[5][6]

In 2023 the UK Financial Conduct Authority (FCA) censured the company for committing market abuse by understating its debts by as much as $4bn. No fine was issued as the business was not expected to have any funds left after paying debts.[7]

  1. ^ a b c d "NMC Health plc Annual Report and Accounts 2018" (PDF). NMC Health. Archived (PDF) from the original on 26 December 2019. Retrieved 26 December 2019.
  2. ^ "NMC Health spreads its wings across Muscat to Al Hail". Zawya. Archived from the original on 24 December 2019. Retrieved 24 December 2019.
  3. ^ "UPDATE 1-NMC Health identifies over $2.7 bln in undisclosed debt". Reuters. 2020-03-10. Retrieved 2020-05-04.
  4. ^ Cite error: The named reference financial-position was invoked but never defined (see the help page).
  5. ^ "NMC Health Placed Into Administration by U.K. Court". BloombergQuint. Retrieved 2020-05-04.
  6. ^ Cite error: The named reference administration was invoked but never defined (see the help page).
  7. ^ Cite error: The named reference censure was invoked but never defined (see the help page).