Nmc Health Share Discussion Threads

[waynesplash] 14/9/2021 21:15

Hi all, Are you guys on our Facebook NMC site ??? As we all like to keep things up to date. And we did have something going with Lawyers, not sure whats happening there, but if you come over you could ask. https://www.-2994256800634010 Wayne

[mohdusman44] 14/9/2021 18:39

I will do. I am closely following the happenings at NMC. Afterall, my hard earned money is at stake. I will keep you updated if I come across anything worth sharing. Take care, Buddy.

[diverzeusy1] 14/9/2021 18:19

Mo, I totally agree, with the reason to put cash with NMC, everything you say is correct, it was a 'sure thing's 🙄😢 I now Question how 'safe' any FTSE 100 company is?? Keep me posted 👍👍🇬🇧

[mohdusman44] 14/9/2021 05:10

1mullen: Rightnow no one has reached out to the investors except in the US, where class actions were initiated. The administrators are more focused on the recoveries which helps the banks / creditors. I think, the best forum to raise your claim is to write to SFO as well as to the Administrators. If anything is left after paying of the banks and creditors, will obviously gets distributed to the shareholders. But that's a remote possibility.

[1mullen] 13/9/2021 16:43

Where does this leave us private investors. What do we do now as I'm at a loss with these things. Should we have registered our interest with any particular body or administrator?

[diverzeusy1] 12/9/2021 17:12

Mo, if you live/know UAE and these areas how come you got drawn into this for 200k? I lost 37k so not good but I'm based UK and as this was FTSE 100 share I never saw this coming (FTSE 100 have always been a sure thing? Up/Down yes but not delisted) All we can do is hope,call be a very slim small hope 👍

[mohdusman44] 12/9/2021 16:27

I lost a good amount of my life time earnings. The way the company was reporting (sic) its performance, I didn't hesitated to put my money on this stock. Later as the price started softening in 2019, I accumulated more shares. My loss now stands at more than 200k pounds. Many of my friends had also invested huge amounts in NMC shares. Some of them even borrowed and invested. Now everyone is fxxxxd up

[waynesplash] 12/9/2021 15:28

Moh, I dont have that much in, just 8k, but at the time, it was a big lose to me, but in the next few months I was lucky on the dip, and on all my other shears made 5 times 8k. But still I would love my money back, or for the firm to get back on its feet, and the shares get relisted, but I think you know far more than me about this, thus now I will not keep up my hope so much, but still will keep up some hope. Thank you for your input. Wayne

[mohdusman44] 12/9/2021 15:09

Wayne: I too wish this happens as you are saying. But not that optimistic as there are lots of big guys involved in this fraud. Some of them close to the power centres. They will conclude this investigation in the manner they want. We will never get to know the exact truth. Do you think these guys did all this just like that? No way, there were supported from every quarter. Now all this noises are just chatters. It will have no impact. As I said, the real culprits will be always behind the curtains and they will never ever get exposed. Keep your hopes very low so that you won't have to get disappointed later on if the final outcome turns out to be .........

[diverzeusy1] 12/9/2021 00:55

👍👍

[mohdusman44] 11/9/2021 18:00

Having been in UAE for quite a long time, I can very well say that the process wont be transparent at all. The big guys will go scot-free while few small time employees will dragged into and punished. I don't think we will see the funds recovered as those who had stolen would have by now moved the funds to safe havens. I don't think NMC is a unique issue. Most of the businesses in UAE are marred in financial irregularities and fund diversions. It is quite common in UAE. Its an economy which flourished thru illegal funds coming from various parts of the world. No questions, No diligence, No AML compliance, nothing. On top of it, Tax free regime. The biggest example for this was funds for 11/9 attackers were transferred from UAE. If the UAE Govt tightens the compliance norms, the flow of the funds will stop and that will hit its economy, which they never ever allow. An economy build on tainted money will have corruption and frauds everywhere. So only a slim chance of getting the money back for the common shareholders.

[waynesplash] 11/9/2021 14:54

Mod, Just hope the firm gets back on its feet, and the shares somehow get listed again. Was hoping the UAE would step in to help. Wayne

[mohdusman44] 11/9/2021 14:47

I strongly believe such a massive fraud cannot carried out without the support and knowledge of the banks. With banks eventually comming as shareholders and occupying the Board, there is a chance to cover up bank/bankers involvement. This should not allowed to. The investigation should be carried out in a transparent manner and all involved should be brought to justice. UAE is known for financial frauds though the number of such cases reported / published are few. Thanks for media houses which toes the Govt line and don't publish such articles. I strongly believe that the punishments given to the wrongdoers should be fair, not that one set of laws for local emiratis and one set for the rest. This will be totally unfair. The best place this case are the UK courts and not the UAE ones.

[mohdusman44] 11/9/2021 14:20

Having invested a substantial amount in the shares of NMC Health Plc and lost all, I will be keen to know when the Administrators intend to lodge the litigation against the wrongdoers? I have been going thru all the updates from Administrators but there is no mention about the quantum of expected recovery. To ensure that creditors as well as shareholders get their amounts back, the Administrators should not leave anyone. They should include everyone who had benefited, be it the promoters incl local shareholders, senior management,directors, auditors, bankers etc. The current senior management if it has anyone from the earlier management should be part of the investigation. It is a massive fraud, no stone should be unturned in getting the truth out.

[triskelion] 12/8/2021 18:15

hxxps://gulfnews.com/business/markets/abu-dhabis-nmc-healthcare-set-to-say-a-final-goodbye-to-br-shetty-legacy-on-september-1-1.1628743176279 Jarndyce v. Jarndyce grinds on... "... NMC's next important date is September 1, when the process to change the ownership structure will get going. This will mean the creditors of NMC will formally assume ownership of the entity, thus winding down the rule by the administrators. The creditors will decide the future course of action and how long that process will take. ... Even if DIB declines to approve the September 1 ownership change plan, NMC and A&M officials are sure they have enough votes with them to take the next steps. Once the majority vote is confirmed, it will take a further three- to five months for the approvals on ownership transfers to be effected. If this time-table holds, by January of 2022, NMC Healthcare will have migrated to a full change of ownership for the first time since B.R. Shetty founded the company in the mid-1970s. ..."

[triskelion] 29/7/2021 01:23

I haven't read the background - bitter experience has taught that it's more productive tilling new fields than digging over barren ones - but if he's suing E&Y presumably that's in his capacity as a shareholder, which if so, potentially means the shareholders as a body might get some compensation of the case succeeds. OK - wishful thinking ;( Pretty disingenuous that "a senior banker closely involved in the rescue" is reported as saying in the latest linked article "If at all anyone has a claim on damages, it is NMC's lenders and creditors, most notably ADCB." Er no, the shareholders and notably the free float holders were wronged, arguably more so. One wonders if the banks connived at whatever fraud if any was perpetrated when the transactions were executed. All sorts of issues over corporate and officer capacity, actual and ostensible authority, and remedies like asset tracing haven't been reported on at all as far as I can see (from the headlines mainly). Classic tussle between (possibly) two sets of innocents where the guilty person is a third party and to boot, possibly a strawman? "...said that there were yawning gaps in the company’s financial reporting. This despite NMC being listed on the FTSE in the UK since late 2019, which is one of the most tightly regulated markets anywhere. ..." "...Alvarez & Marsal... is also simultaneously working on a strategy that will see NMC pay off its combined debts – and at the same time pursue legal action against NMC shareholders and former management who were party to the diversion of bank loans...." No indication anywhere of the interests of free float shareholders being represented in the administration? FCA demurely silent still presumably.

[mohdusman44] 27/7/2021 04:03

Another interesting one that came up in Gulf news. Shetty is taking a big gamble. hxxps://gulfnews.com/business/banking/will-nmc-healthcare-founder-br-shettys-high-stakes-7b-legal-gamble-in-the-us-pay-off-1.1627271656080

[diverzeusy1] 24/7/2021 19:42

It's warming up, it's a great revealing story, but, bottom line we the shareholders will get nothing 😢😕😡 I really hope someone gets assets permanently seized and gets a hefty prison sentence, but I won't be holding my breath 🙄😕

[mohdusman44] 24/7/2021 17:14

No wonder. The blame game has started. While EY and banks needs to be pulled up for their role, Shetty's role also needs to be investigated. He aint a saint as he says. Its a grand fraud with key shareholders, auditors, bankers, mananagement etc involved. Shetty's claim that he was unaware of the frauds in any of his entities looks surprising. He is touted as one of the most successful businessman in the middle east and was running the businesses for more than four decades. How come he didn't had a clue of what was happening in his entities, including closely held companies?. Maybe he was in amnesia!. Shameless guy.

[triskelion] 23/7/2021 03:07

hxxps://gulfnews.com/business/banking/abu-dhabis-nmc-healths-founder-br-shetty-says-audit-firm-ey-too-conspired-in-multi-billion-dollar-fraud-1.1626941266876 "... The Indian entrepreneur [Shetty] filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives, and said investors lost more than $10 billion. "EY's misconduct was not one of professional negligence, but rather EY actively and intentionally conspired with the defendants to conceal their fraudulent conduct," Shetty's lawyer said in the court filings .... The New York suit comes as the accounting firm faces a separate legal claim brought by NMC's administrators Alvarez & Marsal in London. The auditor is also under investigation by the UK accounting watchdog over NMC's 2018 financial statements." Salty!