It has been more than two years since NMC Health almost collapsed, after a more than $4 billion debt pile was uncovered and the company's founder and former joint chairman, BR Shetty, fled the UAE in one of the biggest corporate scandals in the country's history. That history is receding as the new NMC Healthcare charts a different path, while maintaining its position as the biggest private healthcare provider in the UAE.
In March, a restructuring process was completed, a move that allowed 34 NMC companies to exit administration, a signal that jobs and cash flow have been saved. Before that, NMC's business rebounded in...
It has been more than two years since NMC Health almost collapsed, after a more than $4 billion debt pile was uncovered and the company's founder and former joint chairman, BR Shetty, fled the UAE in one of the biggest corporate scandals in the country's history. That history is receding as the new NMC Healthcare charts a different path, while maintaining its position as the biggest private healthcare provider in the UAE.
In March, a restructuring process was completed, a move that allowed 34 NMC companies to exit administration, a signal that jobs and cash flow have been saved. Before that, NMC's business rebounded in the first half of 2021 as revenue beat expectations despite pandemic headwinds.
Joining co-hosts Mustafa Alrawi and Kelsey Warner this week is Michael Davis, chief executive of NMC Healthcare, who has been at the helm since the saga began. They discuss priorities of the brand new board of directors, retaining 12,000 employees amid corporate scandal, growth opportunities coming out of the pandemic and if NMC would IPO again.
Read more on our website:
- EY faces $2.5bn lawsuit for 'audit negligence' over NMC collapse
- NMC companies exit administration and become part of new group
- BR Shetty: Barclays wins right to claw back $131m from NMC founder
- Davos 2022 'most timely and consequential' forum in history, says SchwabNMC third-quarter revenue beats target as healthcare provider prepares for new ownership
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