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The British regulatory watchdog said it had launched an investigation into NMC Healthcare’s eWay review, which was taken into administrative custody in April.
Trading of “NMC” shares on the London Stock Exchange was suspended after the company adjusted its debt position to $ 6.6 billion, far exceeding previous estimates.
The Financial Reporting Council said today, Monday, April 15, 2020, that the Financial Reporting Board launched an investigation into Ernst & Young’s audit of NMC Financial Data for the year ended December 31, 2018.
E.Y said it was notified of the Financial Reporting Council’s intention to conduct an investigation into the NMC audit.
“We will cooperate fully with the Financial Information Board during the investigations,” E.Y said in a statement. “It is not appropriate to comment further at this time.”
Abu Dhabi Commercial Bank, one of the company’s largest lenders, said it filed a criminal complaint in Abu Dhabi against several people, whom it did not specify, regarding the company.
NMC is the largest private sector healthcare provider in the UAE, but it was audited late last year after US financial specialist Maddy Waters questioned its financial statements.
The Financial Information Board has the right to fine or ban the work of financial audit firms if it concludes that they have not met its standards.
BR Shetty, the founder of the company, said April 29 that an investigation by his consultants had concluded fraud in the company and that he was being exonerated.
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