Nmc Health Share Discussion Threads

[mohdusman44] 23/10/2020 15:42

hxxps://gulfnews.com/business/michael-davis-confirmed-as-ceo-at-abu-dhabis-nmc-healthcare-1.1603439316959 Another fraudster appointed as CEO. Can't understand why Michael was appointed as CEO. He is a protégé' of Manghat and should have been equally culpable. They should have brought in a fresh face rather than a tainted guy elevated as CEO. Disgusting.

[urbanvoltage] 07/10/2020 20:17

Worth a read for those still interested...hxxps://cf-cdn.nmc.ae/Uploads/InvestorRelations/all-lender-call-presentation-date-07-oct-2020-07-oct-2020-6b8cb8c1-6fad-4904-9f82-217a5be57afd.pdf Interesting to note.... Materially advanced compiling evidence of financial misstatements dating back to 2012  Investigation is well progressed, with a good understanding of the nature of the fraud and dissipation of assets. Claims and litigation strategy now being developed Investigations: • Preparation of litigation strategy • Secure litigation funding • Commence pursuit of wrongdoers Key points to take away – The Administrations are facilitators of the outcome – There are a significant number of actions and steps required to complete the restructuring and deliver value to all stakeholders – The best outcome for stakeholder requires all lenders need to play their role by engaging with the process (i.e provide timely Proof of Debts with all available supporting documentation) – Joint Administrators are focussed on increasing communications with all lenders – Next all lender call tentatively booked for either November 4 or November 11

[mohdusman44] 30/8/2020 17:54

Don't trust the current management headed by the interim CEO, Michael. Michael worked closely with Prasanth. Definitely he should be aware of what was going on. He should be thrown out and an external candidate should be appointed as CEO. The entire current management for that matter should be kicked out. Alvarez seems more interested in publicity stunt. They have not done anything concerete till now except the sell off of Distribution business at throwaway price and miking the company with their hefty fees. Alvarez is making the best out of situation. By the by, there were two emirati shareholders. Not heard much about them in the last fee months. Were they exonerated??

[mohdusman44] 30/8/2020 17:45

hxxps://www.thenational.ae/business/nmc-health-faces-legal-action-from-ivf-clinics-founders-1.1070274 Shetty and Prasanth are culprits. These two criminals should be jailed for life. Look at the audacity of Prasanth, he did not even took board approval for the trasnaction involving price gaurantee. These two fxxxxxs had screwed everyone, right from bankers, regulators, investors, govt agencies etc. Now shetty is crying foul. Its like the patriach and his foster son looting their own house and shifting the blame on maid, cook, driver etc. Bloody bxxxxxxs.

[silverstone1] 11/8/2020 13:31

TO REPEAT WHAT I SAID IN DECEMBER: FRAUDULENT COMPANIES ALWAYS COLLAPSE!😂

[urbanvoltage] 06/8/2020 15:57

Al Jazeera feature on NMC.....says Sheikh Mansour was the true owner https://www.youtube.com/watch?v=xQzLFmIxHlw&feature=share

[urbanvoltage] 04/8/2020 12:45

“As Charles Darwin said; “Those who learned to collaborate and improvise most effectively have prevailed,” Looks like he chose Darwin.So lets see..... survival of the fittest..... Prasanth Manghat, versus NMC and UAE Justice.

[yet another final] 17/7/2020 14:33

Need class action law suit by PIs

[mohdusman44] 12/7/2020 11:39

They have already sold off their Distribution business. The spanish ivf business was also put up for sale recently. Looks like the administrators are looking at disposing the overseas assets first and settle the creditors. The UAE assets will be finally taken over by any Govt entity like Mubadala. The key thing is that the CEO of Mubadala is the Chairman of ADCB. Currently ADCB is the one which is controlling NMC thru Alvarez and Marshall.

[mohdusman44] 12/7/2020 03:48

The bankers are to be blamed for their negligence. How come they never knew that NMC had so much of debts accumulated. By click of a a button, they could have found out the total exposure of NMC with all UAE banks from the Central Bank system. What were risk and credit departments at the banks doing?Banks were merrily approving loans looking at Shetty and Buttis and no on the any proper diligence. One thing is for sure, most of the bankers would have been paid for sanctioning the loans. The authorities should check how much funds the bankers have transferred during the last 10 years and the source of these funds. It is a massive scale industrialised fraud. Shetty, Butti, Qebaisi and Manghat being the perpetrators.

[mohdusman44] 11/7/2020 16:29

I would be very much interested to know about the guy who was responsible for the accounting function. He has done a great job in hiding and faking the numbers. Tried searching online and came across a name, Deepak Ghosh. This guy will be highly in demand. Afterall he couod manage to forge usd 6.6 billon. Hats off to this guy.

[monte1] 11/7/2020 16:26

LOL I think you may find the remit of an administrator does not stretch to prosecution and sentencing - that tends to remain within the domain of the relevant Legal authorities and the courts.

[mohdusman44] 11/7/2020 16:17

Don't understand why the Administrators have not recommeded Khalifa Bin Butti and Saeed Qebaishi to be put in jail. These two guys are equally responsible for the current situation. The gang of Prashant, Shetty, Khalifa and Saeed are equally guilty. The role of current CEO and other Senior Management officials shouod be investigated. These guys cannot be clean having closely worked with the earlier management.

[arja] 06/7/2020 17:44

that is why it is also worth buying index stocks suych as MIDD or investnent trust as easier to sleep at night , eg FCSS and just check the chart . Can make heaps on things like that and much less risk

[mohdusman44] 05/7/2020 17:00

The biggest comedy that I had come across. Another fraud company and its fraudster owners who had swindled funds from various banks now claiming that they are going for restructuring. Nice gimmick. KBBO Group, whose chairman was a significant shareholder in troubled hospital group NMC Health, appointed a team of restructuring advisers to help put together a plan to reorganise its outstanding liabilities to various creditors. “The group has been challenged by its exposure to NMC [Health] in addition to the Covid-19 outbreak, which has impacted various operations,” KBBO said in a statement on Wednesday. It said it “responded proactively, taking measures to reduce the impact and ensure the continuity of operations, especially across the healthcare and food businesses given their strategic importance to the national economy.” KBBO was founded in 2008 and invested in a number of healthcare companies, including NMC Health and Emirates Healthcare. It also invested in the education, food & retail, financial services, information technology and ventures sectors. The company did not disclose the scale of its debt, but said the objective of the restructuring was to deliver a fair and balanced outcome for all stakeholders. The company appointed Trussbridge Advisory and PwC Middle East as financial experts. Hadef & Partners and Cleary Gottlieb Steen and Hamilton will advise on the legal aspects of any agreements, which will be worked out under the supervision of the Financial Restructuring Committee (FRC). The FRC is a body set up in 2018 under the UAE’s bankruptcy law whose members include representatives from the Ministry of Finance, the Ministry of Economy, the Ministry of Justice, the Central Bank of the UAE, the Securities and Commodities Authority, and the Governments of Abu Dhabi, Dubai and Sharjah. Dissolution or liquidation 'likely' options for NMC Health BR Shetty and two other directors resign from NMC Health NMC Health vice chairman Khalifa Al Muhairi resigns “In light of the current market conditions, we believe the appointment of a team of restructuring advisors and experts is a critical step to facilitate the financial restructuring of the group’s operating companies in a timely and efficient manner,” KBBO chairman Khalifa Bin Butti Al Muhairi said. Mr Al Muhairi stepped down as vice chairman of NMC Health in February this year. "The group’s underlying assets remain strong and I am confident that this process will mean the business can return to growth in the near future," Mr Al Muhairi said. "It is our intention to reach a fair and balanced outcome for all stakeholders."

[silverstone1] 05/7/2020 05:34

YOU HEARD IT FROM ME FIRST AT £18 IN DECEMBER 2019 AND I MADE A KILLING!😂

[urbanvoltage] 04/7/2020 17:39

Have a look at stakeholder information on the NMC website.... NMC Health Plc is a holding company, it does not have a trading business. The Company had two employees at the date of the Joint Administrators appointment, both based in the UK. One of these employees has since been made redundant. The remaining staff member continues to be employed by the Company to assist us in carrying out our duties. On 27 April 2020, the Company requested that its ordinary shares be cancelled from listing on the premium segment of the Official List of the Financial Conduct Authority and from trading on the main market of the London Stock Exchange. We concluded that delisting NMC's shares was appropriate as continued listing would incur significant cost and add complexity in a situation where decisions need to be made quickly. Rescuing the Company as a going concern in accordance with Paragraph 3(1)(a) of the Insolvency Act was carefully considered following appointment; however in view of the situation identified since our appointment, including the potential for a significant value of guarantees to have been provided by the Company, it is not now considered capable of being achieved. The purpose of the administration is therefore to achieve a better result for the Company’s creditors as a whole than would be likely if the Company were wound up, in accordance with Paragraph 3(1)(b) of the Insolvency Act. A funding agreement for the administration has been entered into with ADCB. To date, $1.5m has been drawn down in accordance with this agreement. It is anticipated that further amounts will be drawn-down during the administration. So there you have it. A FTSE 100 company with 2 employees when the administrators were appointed. Oh and by the way it's worth repeating NMC Health Plc is a holding company, it does not have a trading business. It was a trojan horse full of con men from the bankers, via the regulators to the management, and apparently completely legal....“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.” ― Frédéric Bastiat

[mohdusman44] 04/7/2020 17:37

On analysing the events that had happened in NMC, it is very much evident that the then CEO, Prasanth Manghat and Dr B R Shetty are the culprits. Both these guys screwed up the company and siphoned off funds from the company. Dont think rest of the management team had any say in this episode. These two bxxxxxds are the kingpins. Shetty now acts innocent, damit. Prasanth is absconding. All their assets incl that of their family members should be attached and confisticated. These two fxxxxrs should send to jail.

[monte1] 03/7/2020 09:28

In that case they will be overpaying by around 99c.