NMC delays paying February salaries to staff

 

NMC, salaries, london stock exchange, financial trouble

Dubai - Salaries are usually paid by the 25th of each month.

By Reuters

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Published: Sun 8 Mar 2020, 4:19 PM

Last updated: Sun 8 Mar 2020, 8:21 PM

UAE-based hospital operator NMC Health has delayed February salaries to its staff and now expects to make the payments before March 16.

"The company's current expectation is that the February payroll will be completed before March 16," a spokesman for the company said in an email.

The company normally pays its staff by the 25th of each month, a source familiar with the matter told Reuters.

NMC's stock has been hammered since US based short-seller Muddy Waters launched a campaign of criticism against its financial statements.

Britain's Financial Conduct Authority (FCA) said on February 27 it would investigate the finances of NMC, whose shares were suspended on the London Stock Exchange in late February.

Last week, the company said it would ask for an informal debt standstill to stabilise its finances and hired Moelis to advise it in talks with banks.


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