Abu Dhabi healthcare company NMC’s ownership change takes effect December 16 | Business – Gulf News
From December 16, Abu Dhabi headquartered NMC Healthcare will come under the direct control of its creditors as the hospital operator exits from administration. This will pave the way for the eventual sale of NMC – which was set up by B.R. Shetty in the mid-1970s – to a new owner.
The day will mark the end of a turbulent phase for the UAE’s biggest private healthcare company, starting with the disclosure of financial misdoings in late 2019, and which then led to the exit of the then CEO, its board members and of Shetty himself.
On another track, NMC’s new management rolled out strategies that helped stabilise operations with help from administrators assigned by the turnaround consultancy Alvarez & Marsal. NMC emerged with enhanced reputation operationally during the COVID-19 months.
Even as NMC reverts to ownership by its creditors, there will be parallel investigations that will continue into the whereabouts of $4 billion of bank funds that went missing from the books.
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