Home / News / United Arab Emirates / FBI executive involved in UAE’s NMC investigation

FBI executive involved in UAE’s NMC investigation

NMC Health Plc (NMC.L) said an independent review committee had appointed former Federal Bureau of Investigation director Louis Freeh to compile a report on allegations by U.S. firm Muddy Waters and third parties.

NMC, United Arab Emirates’ largest private healthcare provider, launched an independent review of its finances after short-seller Muddy Waters questioned the value of its assets and cash balance while announcing a short position.

Short selling involves borrowing an asset and selling it with the aim of buying it back at a cheaper price for profit. Muddy Waters, founded by American Carson Block, is known in financial markets for declaring short equity positions on the basis of its in-house research.

The committee has also hired Freeh’s risk management firm FGIS, NMC said.

“The committee chose Freeh Group to provide a completely independent, unbiased, comprehensive and transparent report that will address all of these allegations,” Jonathan Bomford, chairman of the independent review committee, said.

The review committee is undertaking an independent review of all allegations, focusing initially on confirmation of NMC’s cash balances as at Dec. 15.

The committee intends to publish findings of the review into all primary allegations made, particularly all those of a financial nature, before NMC reports its 2019 results.

At Thursday’s close, NMC had lost 44% of its share value since the report was launched on Dec. 17. It has denied the allegations.

Source: Reuters

Check Also

Conservatives set to win in Iran elections

Anti-Western hardliners are set to sweep Iran’s parliamentary elections and appear favorites to clinch the …

Leave a Reply

Your email address will not be published. Required fields are marked *