Top NMC shareholder Muhairi quits board amid turmoil | Financial Times:
Khalifa al-Muhairi, one of NMC’s controlling shareholders, has resigned from the board of the healthcare group after a turbulent few months in which the company’s finances and ownership structure have been questioned.
The largest private healthcare provider in the United Arab Emirates said Mr Muhairi, the executive vice-chairman, stepped down on Friday. Along with India-born founder BR Shetty, he had been asked to step back from board duties earlier this week when it was disclosed that their shareholdings had been inaccurately reported.
That prompted UK regulators to start an investigation into the size of the shareholdings of Messrs Shetty and Muhairi, as well as the other Emirati controlling partner, Saeed al-Qebaisi.
Abu Dhabi-based NMC has been in turmoil since short-seller Muddy Waters questioned the group’s finances, raising doubts about its debt and asset valuations. NMC, which denied the charges, has commissioned former FBI director Louis Freeh to investigate the allegations. Its share price has since declined almost 70 per cent.
No comments:
Post a Comment