Nmc Health Share Discussion Threads

[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!

[mohdusman44] 16/7/2021 02:39

Now banks vs administrators. That means the restructuring process is coming to a grounding halt. Does it smell a rat? Somebody up there doesn't want the facts to be out. Looks like a bond movie, twists and turns.

[mohdusman44] 11/7/2021 19:07

hxxps://gulfnews.com/business/banking/hindering-restructure-will-be-counter-productive-for-abu-dhabis-nmc-health-administrators-1.1626005673185

[triskelion] 25/6/2021 21:03

FCA remains mute. Has it ever in the past co-ordinated or even advertised a creditors' class action against any company, its officers, auditors etc? A ton load more regulation since 1986 but has it been effective...?

[monte1] 08/6/2021 15:04

100k - ouch.

Commiserations.

[mohdusman44] 08/6/2021 07:34

hxxps://gulfnews.com/business/markets/abu-dhabi-hospital-operator-nmc-sees-lenders-take-control-of-turnaround-plans-1.1623074437155

[mohdusman44] 08/6/2021 07:33

hxxps://gulfnews.com/business/markets/abu-dhabi-hospital-operator-nmc-sees-lenders-take-control-of-turnaround-plans-1.1623074437155

[m w] 07/6/2021 07:06

Still here

[mohdusman44] 02/6/2021 05:23

MK1gti, I don't think the equity guys are going to get anything. First, the whole administration process is shady. Still, a good number of Senior Management, including the CEO are from the earlier management. The current CEO was part of the Senior Management team under the previous CEO. How come he was made the CEO under the new regime?. Did administrators did a background check? Doesn't seem to. Besides the legal process in UAE is shrouded in mystery unlike in the west. From going thru the reports, it appears that the Administrators are setting the stage for a royal coup, wherein some rich Sheikh will usurp the organisation at a throwaway price. The local bankers who have massive exposure to NMC, will put their weight behind the royal coup. UAE is known for intentional corporate failures wherein the corporates are made to borrow excessively and then made to fail. The key guys makes the booty leaving the common shareholders in lurch. NMC appears to be one such case.

[mk1gti] 01/6/2021 17:43

I'm still about too, check in time to time, not expecting anything, but miracles can happen.

[diverzeusy1] 30/5/2021 11:21

Yes, it's a case of shareholders loose all, and after that they are trying to 'limit' liability and prosecution of those responsible whom will all pocket a healthy return from this.
Total organised fraud from top to bottom.
It is disgusting

[diverzeusy1] 26/5/2021 19:45

Good information, thanks Mohdusman4426

[mohdusman44] 17/5/2021 09:27

Hi diverzesy1, here is the full article that was republished by the national news, hxxps://www.thenationalnews.com/business/nmc-administrators-pursue-claims-against-ey-and-former-directors-1.1223757

[diverzeusy1] 17/5/2021 08:18

Just seen this, this morning
The administrators of NMC Health, the former FTSE 100 private healthcare group that collapsed amid an alleged accounting fraud, are pursuing its former directors. Alvarez & Marsal, which was first appointed in April last year, is targeting "various claims" and a letter before action was due to be issued against unnamed directors before May 7, which was a deadline for directors' insurance policy, the latest creditors report shows. - The Times

[diverzeusy1] 16/5/2021 10:28

Mohdusman4416
Yes I agree, well onwards and upwards, unlike some I never put my eggs in one basket, I lost around £40k but since then back to my buying and selling, I have recovered at least £10k, of course it feels like I'm earning this for those criminal's that fraudulently took it.
I will remain on ADVFN to catch any potential good news.
Look after yourself, & family cash is only an asset 👍

[mohdusman44] 16/5/2021 10:15

Seems both of us incurred heavy losses on NMC shares and still hold on to the hope that we will recover some of the losses. The big fund houses with billions of assets have moved on. Shetty and his gang might be enjoying the ill-gotten wealth. What I understand is that, no one has been arrested till dated including the two Emirati shareholders who are very available in the country. Don't think anything tangible will happen in NMC's case. Everything will be swept under under carpet as tbe people involved are quite influential and rich.

[diverzeusy1] 16/5/2021 08:48

Mohdusman4416
I think there's only me and you left on here bud 🤔😕👍

[mohdusman44] 16/5/2021 08:26

If anyone have access to times.co.uk, please share the article.