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Fraud discovered at UAE's NMC Health. NMC Health (Arabic: مستشفى المركز الطبي الجديد ‎) is a healthcare chain and distribution business in the United Arab Emirates (UAE). Published: March 12, 2020 12:47 Manoj Nair, Business Editor. The Indian-born founder of healthcare firm NMC Health has stood down from his company after questions were raised over its finances. B.R. This crisis comes to increase the pressure on the banking sector, which is still under the influence of the scandal of the collapse of the "NMC" healthcare company. This comes after the company was embroiled in an accounting scandal late last year, and NMC Health shares were suspended from trading on 27 February. EY was the auditor for NMC Health, Luckin and Wirecard - now mired in financial scandals. Alvarez & Marsal, administrators of NMC Health are gearing up to sue EY — the former auditor of the former FTSE 100 company. Less than a decade later, NMC, the biggest private provider of healthcare in the UAE, is at the centre of one of the biggest scandals to engulf a FTSE 100 company. NMC Health is the largest healthcare chain in the UAE. The NMC scandal is one of the biggest such accounting fraud to happen in recent years in London. Investigation reveals multiple instances of such activities, says UAE healthcare operator. NMC Healthcare shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. The UAE banking sector has lived - and still is - a real confusion, as several local banks exposed the troubled Emirati Hospital Management Company, "NMC Health" and its subsidiaries. NMC’s shares have been suspended since last month following an accounting scandal. The company is headquartered in Abu Dhabi and has branch offices in Dubai, Ajman, Al Ain and Northern Emirates. I had published an article expressing my shock at the abysmal corporate governance and financial disclosure at NMC Healthcare, the London listed UAE’s largest private operator of healthcare clinics and hospitals. NMC Healthcare is the largest healthcare provider in the UAE and is rapidly growing across the globe with an aim to personalize care and facilitate overall well-being of the patients | Experience best clinical care and advanced facilities from certified medical experts. The Company operates and manages over 200 facilities in 19 countries. Shetty has resigned as … NMC Health uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes, tipping the troubled Middle Eastern hospital operator into a full-blown accounting scandal. The administrators for NMC, which is embroiled in an alleged fraud scandal claim that EY auditors were “negligent” when they signed off the group’s accounts during the supposed multi billon-dollar fraud. 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