NMC Health Will Most Likely Be Liquidated or Dissolved

Joint administrators for Dubai-based NMC Health said on Thursday that the most likely exit option for the company was either dissolution or liquidation, Reuters reported. However, administrators from consulting firm Alvarez and Marsal Europe said it would not be possible to conclude the ultimate outcome of the process until all investigations into the company have progressed and the liability position is ascertained. NMC Health is the largest private healthcare provider in the UAE but came under scrutiny late last year when U.S.-based short-seller Muddy Waters criticised its financial statements. NMC had raised its debts to $6.6 billion, $4 billion more than what it had previously disclosed. Abu Dhabi Commercial Bank (ADCB), the company’s biggest lender, said in April it had begun criminal proceedings against an unspecified number of individuals in relation to NMC. Read more