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Shetty vows to disclose findings on NMC Health debts

Issac John /Dubai Filed on April 10, 2020 | Last updated on April 10, 2020 at 06.35 am
br shetty, nmc health, uae, dubai business


'I am extremely eager and determined to bring to light the full facts'

The founder and former chairman of the debt-ridden NMC Health said on Thursday that he would disclose findings of a probe he had undertaken into the operations of the hospital operator mired in snowballing scandals of financial irregularities that had left the London-listed company in a limbo with colossal debts of $6.6 billion.

Speaking to Khaleej Times from his home in India, BR Shetty, who has been largely elusive to the media ever since troubles started to beset the largest private sector healthcare provider in the Middle East, said he is "carefully undertaking" his own investigations of the information available to him, and "will make these findings known as soon as possible, and in the proper and appropriate manner."

Shetty, who also founded money payments platform network Finablr, another London listed entity beleaguered hit by scandals, said it was "out of respect for due process and to allow the various investigations to quickly and independently undertake their mandates," he had refrained, to date, "from making any extensive public statements."

"I am extremely eager and determined to bring to light the full facts, and the whole truth, around what has transpired to all stakeholders as quickly as possible. This is especially urgent in order to bring much needed support and reassurance to the thousands of dedicated doctors, nurses and healthcare workers of NMC Health, and in light of the current public health crisis," said Shetty.

NMC's accumulated debt of $6.6 billion is much more than the $5 billion the company disclosed in March and far higher than the $2.1 billion declared in its accounts.

Following US short-seller Muddy Water's disclosure of financial irregularities and inflated bottom lines in December, NMC has been in turmoil as several other UAE-listed companies revealed details of their total exposure exceeding Dh7.66 billion to NMC Healthcare as well as to Finablr, a global payments platform that was also founded by NMC founder BR Shetty.


Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.

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