Discovery more than doubles borrowings of UAE's largest private healthcare provider to around US$5 bil. FMTNews UAE
March 11, 2020 6:41 PM
The discovery more than doubles NMC’s borrowings to around US$5 billion, up from the US$2.1 billion that was disclosed in June. The discovery that NMC “has at least US$2.7 billion in undisclosed debt and no cash, it is no longer just a fraud. It is a massive fraud,” Muddy Waters founder Carson Block said in an emailed statement.In recent weeks, five of NMC’s 11 board members have either been fired or resigned amid reports of financial improprieties.
NMC’s US$400 million sukuk due November 2023 collapsed after Tuesday’s statement, falling 38 cents on the dollar to less than 25 cents, according to data compiled by Bloomberg. Its troubles come less than two years after the collapse of Abraaj Group, which snuffed out private equity in the Middle East.
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