UAE’s NMC Health launches third-party review of financials after facing US firm’s criticism

Uncategorized Faizah Kamal 23-Dec-2019

NMC Health Plc, a UAE-based firm, said on December 23 that it had launched an independent review of its financial records. This comes less than a week after US short-selling firm Muddy Waters criticised the health care group’s financials, triggering a major sell-off in its shares.

NMC said the third-party review would be undertaken by an accounting firm and would be overseen by a committee consisting of independent non-executive directors of NMC.

In a research note last week, Muddy Waters questioned the value of NMC’s assets and cash balance as well as its reported profits and debts.