Shetty vows to disclose findings on NMC Health debts

 khaleejtimes.com  04/09/2020 22:01:00   Issac John /Dubai
br shetty, nmc health, uae, dubai business

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 thanthe $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 asseveral 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.

issacjohn@khaleejtimes.com

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