NMC Health

About NMC Health

NMC Health collapsed in April 2020 after short seller Muddy Waters Capital questioned its financials. NMC was a FTSE 100 healthcare company operating hospitals in the UAE. Founder BR Shetty had built NMC into the largest private healthcare provider in the UAE. The investigation revealed that NMC had understated debt by over 4 billion. Shetty lost control of the company. NMC administrators McCann and Zelf Hussain sold assets to raise funds. The company had over 600 million in undisclosed related party transactions. The collapse highlighted governance failures at companies with complex ownership structures in emerging markets. Abu Dhabi Commercial Bank lost approximately 1 billion. NMC was delisted from the London Stock Exchange. The company was restructured as Pure Health.