NMC seeks a clean bill of health

NMC seeks a clean bill of health

On 10 February 2020, FTSE 100 company NMC Health plc, the largest healthcare chain in the UAE, was approached with what it described as a ‘highly preliminary approach’ by two private equity groups, GK Investment Holding Group (GKI Holding SA) and Kohlberg Kravis Roberts & Co. (KKR & Co.) The possible offers follow a turbulent period for the company, which has seen accusations of financial and accounting misconduct by hedge fund Muddy Waters, a share price fall of 67% in the last three months (from 2585p to 864.80p at the time of writing) and a legal review of the shareholdings of its senior directors.

Trouble started for the company when hedge fund Muddy Waters published a report on 17 December 2019, accusing the company of misstating the value of its assets, its cashflow and the levels of its debt. Although NMC rejected these findings, they instructed former FBI director Louis Freeh t

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