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https://www.investegate.co.uk/nmc-health-plc--nmc-/rns/holding-s--in-company/202004210700043148K/ The New Zealand billionaire Richard Chandler. I wonder if they sold some ADRs, or did some kind of off market trade.
Give me closure now! Why make me wait 7 weeks. I want to close my accounts before they send ne their yrly £25 charge!
MrD - you’ll get closure in 7 more weeks, I guess. But if I was you I would try accept the loss now, and try deal with it over the weeks months ahead. If you get anything back then great, but know that there’s sadly less than 1% chance of that happening at this point ...
The irony is that he’s the half brother of the guy who played a crook in the hit-series Billions... this story just gets more ridiculous by the day
Adzy theres still no closure here ffs!
William Russell, the Lord Mayor of London, has the job of promoting the City overseas, which includes meeting business leaders
William Russell, the lord mayor of London, has the job of promoting the City overseas, which includes meeting business leaders
The lord mayor of London was a guest of honour at a dinner hosted by the tycoon embroiled in a suspected fraud scandal at NMC Health a month after accounting concerns were first raised.
William Russell, the lord mayor, and Patrick Moody, the British ambassador to the United Arab Emirates, attended the event hosted by Bavaguthu Raghuram Shetty at Catch, a restaurant in Abu Dhabi, in January, about a month after Muddy Waters had published a critical report on NMC.
The American short-seller raised accounting and governance concerns about NMC, a FTSE 100 company that last week was placed in administration.
In the scandal that followed the report, there were revelations of spiralling debts, the collapse and suspension of shares in NMC and an investigation by the Financial Conduct Authority, the City regulator. Abu Dhabi Commercial Bank, which applied to the High Court to appoint Alvarez & Marsal as administrator to NMC, also has initiated criminal legal proceedings with the attorney-general in Abu Dhabi against several unnamed individuals in relation to the healthcare group.
The hospitality has not been disclosed by the lord mayor on his register of interests, which had been due to be updated by the end of March but now will be done by the end of this month because of the impact of Covid-19.
The lord mayor is an international ambassador for the financial and professional services sector. Mr Russell, whose half-brother is Damian Lewis, the actor, became the 692nd Lord Mayor in November.
He was photographed at the dinner with Mr Shetty, 77, and Binay, his son, who is chief executive of BRS Ventures, his investment holding company, and is a former chief operating officer of NMC.
Mr Russell is understood to have been aware of the controversy surrounding NMC, but the British embassy is said to have given the event the go-ahead. The Foreign and Commonwealth Office did not respond to a request for comment.
A spokesman for Mr Russell said: “The lord mayor visited Abu Dhabi in January to strengthen trade and investment ties with the UK. As part of a wide-ranging programme, he delivered a keynote speech at the Abu Dhabi Sustainable Finance Forum and met with several firms and investors. The lord mayor also joined British embassy officials in attending a dinner hosted by BRS Ventures.”
rastus. they are all 'well conected' it seams to crooks.
We are not, we are tiny in comparison, this will all end up as a cover up because too many mr bigs will be implicated otherwise.
i think we have mybe 1% chance of anything, not good and some have lost everything.
I have lost a big lump but have other shares so now have to try and recoup all i made in the last 2 years.
https://www.bbc.co.uk/news/business-52331443
A year earlier, Mr Rihan led an audit that discovered Dubai's biggest gold refiner Kaloti had paid out a total of $5.2bn (£4bn) in cash in 2012.
Mr Rihan argued it was evidence of money laundering - but EY didn't report the activity to the authorities.
I wonder which other fraud they failed to report?
https://www.proactiveinvestors.co.uk/LON:NMC/NMC-Health-PLC/rns/809113
Shetty will bring the £4.4 billion in 1s and 2s
He will confirm profits, assets are not overstated and debt understated
How can they get away with this
Perhaps he will bring his cheque book with him
Interesting news on this site article about fraud in UAE in 2013 and a whistleblower accountant from EY - who was sacked but won his case. What the judge said was interesting and the major point for all litigants in that this has taken 7 years to get to this stage and there will be an appeal!
I expect next week the 2nd nail in the coffin of NMC.
They will confirm Mubdala or whoever buy them with banks getting a percentage of what they’re owed and shareholders get nothing. Taken private cant relist this after this scam.
Deos in future only buy adr stocks. At least they managed to sell. And also they can do litigation class action. We cant do naff all. 134k vanished to thin air
Yeah finished
This will goto that fund state owned like the bank they owe money too.
We have been robbed and lied too
Game over here!
For a guy worth billions its too small fish. At that time he could ring the bank say hello im nmc can you send me $50 million..
Still seems like a stretch. From the article the data was encrypted not manipulated. Why would they then allow it to be unencrypted. There's no point in perpetuating this theory.
That seems a bit of a stretch.
Geographic revenue of NMC versus it's peers, named by Muddy Waters, is different. Not very complicated.
What has the cyber attack got to do with missing money?
Obviously. My speculation on earnings is based on where revenue is generated Vs its peers. Also, the rhetoric from administrators and the previous board. If the company wasn't making good money then no-one would be fighting over it.
To say value will only be determined by recovery of the fraudulent debt is too simple of a way to look at it.
They probably have squirrelled away a lot of money but the fact Neopharma is still largely owned by Shetty suggests otherwise. Also, I'm sure the UAE authorities will be asking what the Bhuttis did with the sale proceeds from their shares. I don't think the legal system in UAE will be as forgiving as the UK.
I already know this. My claim is operating income is good and in the absence of the fraudulent debt earnings are strong. I've outlined why I think NMC earnings, in the absence of the fraudulent debt, are strong in previous posts.
For shareholders to get value everything rests with how much money they can claw back and how the debt restructure can be done. There's also the possibility that some can be written off because of fraud.
I'm not completely sure there is value here and by the sounds of things you're not sure that there's no value.
That's a fair point. When I say earnings I meant operating income. In the absence of the fraudulent debt, if earnings are poor then it makes no sense for debt equity swap. In the absence of the fraudulent debt then NMC is a strong investment.
If they can do debt restructure and claw back some of the money, combined with rights issue. I see there's potential for value.
I assume that you've spoken to administrtors and they've told you that shareholders are going to wiped out. You seem to be talkiing like you know for a fact?
World class fraud lies
Surely the administrators know this and wont fck up all the shareholders up the backside with many investors being local arabs.
All im gonna say is im gonna go take 1 hospital and claim squatters rights!