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NMC Health Administrators Replace Board With New Outside Directors

Tue, 14th Apr 2020 10:42

(Alliance News) - NMC Health PLC on Tuesday said administrators Alvarez & Marsal Europe LLP have appointed four new non-executive directors to replace its former board members.

Newly hired director Eli Chahin is currently chief executive of oil and gas company Bowleven PLC.

Christopher Hall is managing partner of technology investor Oxford Investment Consultants and was previously senior finance partner at law firm Latham & Watkins. Myles Halley is chair of trampoline park operator Airhop UK and housebuilder William Davis Homes.

The fourth new director, Philip Gore-Randall, was formerly chief operating officer of accounting firm Arthur Andersen LLP. He currently chairs and advises several international groups including a leading forensic accounting firm, a healthcare services provider in Hong Kong, and several businesses with significant operations in the Middle East, NMC Health said.

Michael Brenden Davis remains as interim chief executive and chief operating officer but is not on the board. Simon Watkins remains in the position of company secretary.

Faisal Belhoul, Ayesha Mohammed, Jonathan Bomford, Patrick James Meade, Salma Ali Saif Bin Hareb and Tarek Alnabulsi all were removed from the board of the private hospital operator.

"We formed a new board with extensive restructuring experience to ensure more robust standards of governance in NMC Health. The board has already met to begin the detailed work necessary to create the governance platform in the group supporting real stability for NMC's operating businesses," said Richard Fleming, managing director of Alvarez & Marsal.

Alvarez & Marsal were appointed as administrators to the former FTSE 100 constituent by the High Court of England & Wales last Thursday following an application by NMC Health creditor Abu Dhabi Commercial Bank PJSC.

UAE-focused NMC has been beset with issues after an independent review of its finances found evidence of fraud. Earlier in March, NMC had estimated that its debts were around USD5.0 billion. Since then, the group has verified a further USD300 million in debt related to known facilities as at June, USD800 million from undisclosed and unapproved facilities as at June, and USD400 million in facilities entered after June.

Shares in NMC Health are currently suspended in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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