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alwayswrong, I like to think my input on this board has been relatively balanced, free from emotion and not wildly reactive to new news. I'm not saying that the reported financials are completely inaccurate, i'm saying that clearly there are some discrepancies because NMC have said as much.
Total Quant...don't touch fixed assets.!!..
Look instead at current assets ..simply factor the debtors and bring in $500million plus of cash within a week !! Wtf don't they do that ?
Theirs is not the Balance Sheet of a company going bust unless the fraud is of epidemic proportions in which case E&W should be held accountable ...why do shareholders pay their fees if their reports are worthless
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IIf true then Shetty should be stripped of all his assets until his mess is sorted and the company is able to operate properly funded again...or face Jail like he would in the UK , where to company is registered...
Not just Shetty but all parties involved in this sordid mess...
How come MW discovered all of this and no regulatory body had absolutely any clue ??
If allegations are true , then I have never ever come across anything remotely like this in my 40 years of working in finance with 20 of those as FD ..
I am shell shocked ..currently reviewing alternative shares from the list of 25 ..
Pointless the FCA holding an enquiry now...it's the equivalent of going in when the battle is lost and bayoneting the wounded. !!
I thought that TQ but dismissed as i could not believe he would do it ,but companies in a group do lend each other money. Maybe he did it without board approval or its outside the group.
Be a good outcome
Correct, we can't trust the figures until reports are out but I think we can rely on the snippets of info we've had. Fictional balance sheet? maybe not entirely so, remember the firings and suspicious activity on the balance sheet. NMC cash could have illegally been used to finance the other of Shetty's activities. If this is the case, will NMC be able to re-coup any of it? I get the feeling something illegal has happened and NMC will have re-course to claim back some money, but this will take time. Value of tangible assets I think maybe correct, that certainly has value for the balance sheet.
The problem, TotalQuant, is that which figures can investors now believe are kosher? It seems to me like a lot of the recent balance sheet was fictional. Where on earth has all the cash gone and why is there such a big hole that even wages are not being paid? Bear in mind NMC's hospitals are all private so patients are having to pay up front / on time, so how can credit issues arise?
I think there is probably a lot more due to come out of the woodwork here, and I cannot see how anyone, even Mubadala, could sanction a takeover when the black holes are so large. I accept without issue that Mubadala's board are probably under a degree of local pressure to save the day, but I cannot see how their own audit committee could agree to just write an open cheque. The degree of fraud / malpractice needs to be understood before all parties can move on, I would have thought. Let's face it, none of us know how bad it really is.