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 shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. NMC Healthcare has now plunged to 775 pence and chump change, a victim of the same shocking lack of basic governance, norms and ethics that destroyed the criminal private equity firm Abraaj Capital, the UAE listed contractor Drake & Scull, and the multiple Al Ponzi Capital cowboys who have fleeced billions of dollars from investors in the GCC and beyond.
Kudos Matien Khalid for summing up the ongoing fiasco at NMC and I am sure many more would be witnessed soon unless so called regulators wake up..And they better wake up soon as ongoing flight of capital would put UAE in deep trouble...
Hi, the NMC fiasco is truly a disaster! Unfortunately not entirely surprising to old timers from UAE who are aware of Mr. Shetty’s shenanigans. You mentioned a video of his commitment to invest in Kashmir, where can one find this video? Is there a YouTube link you could share?
Debt is a bank product sold on which a sales commission is paid. Imagine a person on a short term visa, whose only goal is increase rate of incentive earning. Banks who have easy access to liquidity thanks to global interest rates being low. And who lend at high spreads. Few large corporate borrowers who can access money by playing one bank against another. And auditors whose mindset has been dulled by years of lax work because firms were private, and can sign a billion $ balance sheet in 7 days. All behavioral incentives aligned the wrong way. And better still, the banks incentive to evergreen debt because they can't take a hit. That is a recipe for postponing an explosion. Worse still, disruption has caused business models of businesses of the gulf become even more challenging
Kudos Matien Khalid for summing up the ongoing fiasco at NMC and I am sure many more would be witnessed soon unless so called regulators wake up..And they better wake up soon as ongoing flight of capital would put UAE in deep trouble...
Hi, the NMC fiasco is truly a disaster! Unfortunately not entirely surprising to old timers from UAE who are aware of Mr. Shetty’s shenanigans. You mentioned a video of his commitment to invest in Kashmir, where can one find this video? Is there a YouTube link you could share?
Debt is a bank product sold on which a sales commission is paid. Imagine a person on a short term visa, whose only goal is increase rate of incentive earning. Banks who have easy access to liquidity thanks to global interest rates being low. And who lend at high spreads. Few large corporate borrowers who can access money by playing one bank against another. And auditors whose mindset has been dulled by years of lax work because firms were private, and can sign a billion $ balance sheet in 7 days. All behavioral incentives aligned the wrong way. And better still, the banks incentive to evergreen debt because they can't take a hit. That is a recipe for postponing an explosion. Worse still, disruption has caused business models of businesses of the gulf become even more challenging