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Mon 13 Apr 2020 04:01 PM

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NMC Health administrators look to 'extensive restructuring experience' with new board

Executive chairman Faisal Belhoul has been removed by Alvarez & Marsal Europe LLP

NMC Health administrators look to 'extensive restructuring experience' with new board

Administrators Alvarez & Marsal Europe LLP were appointed to NMC PLC by the High Court of England and Wales last week following a petition presented by Abu Dhabi Commercial Bank, one of NMC’s largest creditors.


Faisal Belhoul has been removed as executive chairman of NMC Health, just two weeks into his role, as administrators of the troubled healthcare giant moved quickly to form a new board with "with extensive restructuring experience". 

Administrators Alvarez & Marsal Europe LLP were appointed to NMC PLC by the High Court of England and Wales last week following a petition presented by Abu Dhabi Commercial Bank, one of NMC’s largest creditors.

Alvarez & Marsal Europe LLP has also removed Ayesha Mohammed, Jonathan Bomford, Patrick James Meade, Salma Ali Saif Bin Hareb and Tarek Alnabulsi.

Richard Fleming, joint administrator of NMC Health PLC, said: “Our immediate focus is also to work with the management teams in the operating companies to ensure that NMC’s doctors, nurses and care workers have everything they need, every day, as they work tirelessly to ensure continuity of care for patients, which is especially important as the world fights the Covid-19 pandemic.”

New non-executive directors are Eli Chahin, Christopher Hall, Myles Halley and Philip Gore-Randall.

Restructuring experience

Chahin has more than 25 years of experience specialising in banking, management consulting and specifically financial restructurings across Europe and the Middle East and has held various senior roles with ANZ Bank, Standard Chartered and AlixPartners.

Hall, who is the managing partner of Oxford Investment Consultants, has worked in international business and the law for more than 30 years and has also chaired and sat on the boards of several public and private companies.

Halley, meanwhile, is a specialist in business transformation and restructuring. He is Chairman of a number of business including Airhop UK, operator of trampoline parks and William Davis, the housebuilder. He was previously a senior partner at KPMG and headed the firm’s restructuring practice in Australia. 

Gore-Randall is a chartered accountant and former global COO of Arthur Andersen, who chairs and advises several international groups including a leading forensic accounting firm, a healthcare services provider in Hong Kong and several businesses with significant operations in the Middle East.

Robust standards

Fleming added: “We formed a new board with extensive restructuring experience to ensure more robust standards of governance in NMC Health. The board has already met to begin the detailed work necessary to create the governance platform in the group supporting real stability for NMC’s operating businesses.”

Michael Brenden Davis remains in post as interim chief executive officer and chief operating officer but does not sit on the PLC Board; Simon Watkins remains group company secretary. Nirman Shetty, chief operating officer distribution, has left the business.

New non-executive directors are Eli Chahin, Christopher Hall, Myles Halley and Philip Gore-Randall.

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