Shares in Finablr Plc, which is also owned by Shetty, fell 8.3% on Wednesday, bringing this year’s decline to 84%. 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. NMC Health Plc (OTCMKTS:NMHLY) shares fell 2.6% during mid-day trading on Wednesday . Responding to the Department of Health and Social Care’s bureaucracy busting drive announcement, Andrea Sutcliffe CBE, Chief Executive and Registrar of the Nursing and Midwifery Council, said: “We are pleased the Government has reinforced its commitment to modernising health and care professional regulation, something we’ve wanted for a long time. The troubled Middle Eastern healthcare services company has been embroiled in controversy since short-seller Muddy Waters LLC issued warnings regarding its accounting practices. Britain’s accountancy watchdog has opened an investigation into EY’s audit of the scandal-ridden private hospital operator NMC Health, which collapsed into administration last month. 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 … The NMC Speciality Hospital in Abu Dhabi. This is a shockingly bad time for a private hospital operator to suffer a financial scandal. A private investigation revealed it might have understated its debt by $4.5 billion in 2019. NMC Health has found evidence of suspected fraud in its finances following damaging revelations over billions of dollars of undisclosed debt on its balance sheet and doubts over its cash position. Related: Want to Make a Gulf Dealmaker Laugh? 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. 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. It is a massive fraud,” Muddy Waters founder Carson Block said in an emailed statement. FTI Consulting. More confusion has emerged over the shareholdings of several major shareholders and directors. Reuters Thu, 10 Dec 2020 Thu, 10 Dec 2020. The FRC aims to complete its investigations within two years. the Financial Conduct Authority, launched an investigation. Move piles further pressure on EY, whose audit of Thomas Cook is also being investigated. Founder resigns from top post as Muddy Waters impact continues. The revelations deal a hammer blow to the Abu Dhabi-based hospital chain, which has been in free fall since December, when short seller Muddy Waters Capital LLC alleged that NMC overpaid for assets, inflated cash balances and understated debt. Read more: The Firm That Wrecked Private Equity for the Middle East. The company’s 50 day moving […] H ospital operator NMC Health has hit back at claims of financial mismanagement made by hedge fund Muddy Waters as “false and misleading”.. The Nursing and Midwifery Council (NMC) is the regulator for nursing and midwifery professions in the UK.The NMC maintains a register of all nurses, midwives and specialist community public health nurses and nursing associates eligible to practise within the UK. Discovery of debt facilities comes after hospitals provider reported $2.1bn of debt in June. I joined the NMC in January 2019 and almost immediately initiated the process of developing our strategy 2020–2025. NMC denied those allegations. In January, the company put former U.S. Federal Bureau of Investigation Director Louis Freeh in charge of a review, which discovered that businesses owned by Shetty and former Vice Chairman Khaleefa Bin Butti borrowed money from NMC’s supply-chain lender. 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 FRC investigation is piling further pressure on EY, which is also being investigated by the watchdog for an audit of Thomas Cook’s accounts before the travel firm collapsed. November 7, 2020, 11:11 AM. 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. Read full article. On 17 January NMC initiated an independent review following claims made by short seller Muddy Waters, the controversial research firm run by Carson Block. This article is more than 9 months old. The RPL process will credit students for 460 hours to meet the stated NMC criteria. 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 … Ask When’s the Next IPO. The Nursing and Midwifery Council has announced a full consultation on the proposed changes to educational standards will start in June 2017. Union Health Minister Dr Harsh Vardhan met with the protesting resident doctors at […] NMC Health scandal: so who knew what and when? The scale of the debt shenanigans at NMC is mind-boggling. UAE's NMC Health delays May staff salaries - memo. 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. In a very critical statement, the report suggests that “the company has invested in large assets at costs that we find too high to be plausible – including from parties we believe are de facto un… NMC Health, which was founded by Indian billionaire BR Shetty, has seen its stock plunge before it was suspended from trading at the end of February amid allegations of fraud. Nursing Standard . Simon Watkins, Group Company Secretary +44 (0) 203 205 7313. An NMC hospital in Dubai. 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. 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 They will be expelled from the blue-chip index this month in the next reshuffle. NMC Health was placed into administration in April this year following the discovery of more than $4 billion worth of previously undeclared debts at the group, which was founded by BR Shetty in 1975. Have a confidential tip for our reporters? But since the 16th, disaster has struck, and its name is Muddy Waters. NMC will be shedding all non-core assets and refocus on being a UAE healthcare business. EY, which is one of the big four auditing firms, said it would be “fully cooperating with the FRC during their inquiries”. 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 full-blown accounting scandal. NMC Health (“NMC”) was founded in Abu Dhabi in 1975 and expanded to become the United Arab Emirates (UAE)’s largest health care company. NMC Health is the biggest blue chip faller, down 14.5% at £12.76 after two major investors in the company - Saeed Al Qebaisi and Khaleefa Al Muhairi - sold off £375m worth of shares. 166,234 shares traded hands during trading, a decline of 87% from the average session volume of 1,267,693 shares. Watchdog investigates EY audit of scandal-hit NMC Health. Troubled hospital operator NMC Health
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