The management at NMC Health have been tasked with creating "a stable platform before commencing the restructuring and turnaround, with the key immediate priority being the monitoring of liquidity of the group", according to a letter sent to the company's lenders by its acting chief executive Michael Davis.
The letter sets out a new governance structure for the group, with a pair of co-chief restructuring officers being appointed by joint administrators from Alvarez & Marsal to advise the newly-appointed board.
Antonio Alvarez III and Maxim Frangulov of Alvarez & Marsal have been nominated as co-chief restructuring officers. NMC Health's management will report to them, the letter states. Alvarez & Marsal will also supplement NMC Health's finance team and healthcare operations team, where required.
"We look forward to working closely with the board, Michael Davis and the operational management teams to help them stabilise the businesses. A key action will be moving to augment capabilities, particularly in the finance area, where there have been several key departures," Mr Alvarez said in the letter.
"We will also be working diligently with NMC’s financial creditors to quickly rebuild confidence and trust in NMC and to develop and execute a business restructuring," he added.
NMC Health was founded in Abu Dhabi in 1975 by Bavaguthu Raghuram Shetty and grew to becoming the UAE's biggest healthcare company – a FTSE 100-listed business employing 2,000 doctors and almost 20,000 other staff operating in 19 countries.
However, signs of trouble in the business emerged in December after activist investor Muddy Waters published a report arguing the company had inflated cash balances, overpaid for assets and understated its debt. This set off a chain of events which led to the company revealing significant shareholders had incorrectly stated the size of their shareholdings and that the company's debt, at $6.6bn, was substantially higher than the $2.1 billion declared in its accounts. A review committee appointed to investigate the company's affairs also found evidence of "suspected fraudulent behaviour".
NMC Health's lenders are forming a coordinating committee, with a steering group acting as the primary contact between the company and its debtors. Abu Dhabi Commercial Bank, which is owed $981m and is NMC Health's biggest creditor, will chair the co-ordinating committee. The bank will also form a steering group with other significant creditors, including Abu Dhabi Islamic Bank, Dubai Islamic Bank, Barclays and Standard Chartered.
ADCB is being advised by Lazard as committee chair, with the committee being advised by Deloitte and Clifford Chance.
The chairman of Ithmar Capital, Faisal Belhoul, who briefly became chairman of NMC Health on March 26 until its administration, after his private equity firm acquired a 9 per cent stake in the company, urged its new board "to act swiftly, equitably and in the best interests of all parties".
"I remain at the disposal of the company, not only as a shareholder but rather as a professional with healthcare sector experience acting in what I see a national duty at this time when the UAE is making every effort to control the spread of the Covid-19 pandemic," he said in a statement on Tuesday.
“I also reiterate that it remains crucial that the investigation into any and all prior wrongdoings at the company is fully supported and pursued with the relevant authorities, and that all involved parties are held accountable from within or outside the company. I will do all in my power to support this process,” he said.
In a statement following the appointment of administrators last Thursday, NMC Health's founder Mr Shetty said he was undertaking his own investigation and would make his findings known "as soon as possible, and in the proper and appropriate manner".
"I am extremely eager and determined to bring to light the full facts, and the whole truth," Mr Shetty said.
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
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UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
UAE currency: the story behind the money in your pockets
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULT
Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')
Man of the match Nathan Redmond (Southampton)
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
