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Sun 8 Mar 2020 09:35 AM

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NMC Health fails to pay staff wages for February on time

Over 2.5 million shares in embattled healthcare provider sold on London Stock Exchange

NMC Health fails to pay staff wages for February on time

A company spokesperson told Arabian Business: “The company’s current expectation is that the February payroll will be completed before March 16.”


Troubled Abu Dhabi-based NMC Health has failed to pay staff wages for February on time.

A company spokesperson told Arabian Business: “The company’s current expectation is that the February payroll will be completed before March 16.”

NMC, which runs the largest private healthcare network in the UAE, has been in freefall since short seller Carson Block said in December the company had overpaid for assets, inflated cash balances and understated debt.

The UK’s Financial Conduct Authority opened an investigation into the company at the end of last month.

NMC has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate. Since then, the CEO was fired and five of 11 board members have left their positions.

NMC Health employs around 2,000 doctors and 20,000 ancillary staff and has operations in 18 countries throughout the world.

Shares trade

Meanwhile, the company said it has been notified by advisors of former chairman BR Shetty surrounding his 2.5 million shares which were in custody of First Abu Dhabi Bank.

According to a statement to the London Stock Exchange, where its shares trade, 4.8 million shares of Shetty’s were held in a Falcon Private Bank nominee account in the name of Dr BR Shetty.

It said the shares were transferred to First Abu Dhabi Bank on February 5 and over 2.5 million shares were subsequently sold by the bank.

The statement added: “Dr BR Shetty and his advisers are investigating the details and legal basis of these transactions and the status of the remaining shares as part of the ongoing legal review.”

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