Abu Dhabi News: NMC Health Says Review Finds Suspected Fraud - Bloomberg:
NMC Health Plc said a probe of financial irregularities discovered evidence of suspected fraud after the hospital operator disclosed a hidden $2.7 billion debt pile.
The company earlier this week said the debt facilities had been used for unknown purposes and had not been disclosed to the board, pushing the largest private health-care company in the United Arab Emirates into a full-blown accounting scandal.
In January, NMC put former U.S. Federal Bureau of Investigation Director Louis Freeh in charge of a review, which reported the evidence of fraud on Thursday. The revelation comes after Freeh told the company last month he’d turned up details of supply-chain financing arrangements with affiliated companies that the board said it was unaware of.
“NMC is fully committed to investigating these activities and has notified the relevant authorities in the U.K. and U.A.E. to determine what action they also consider to be appropriate,” the company said in a statement.
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