NMC Health chairman pledges ‘relentless’ pursuit to recover money – The National

NMC Health chairman pledges ‘relentless’ pursuit to recover money – The National

NMC Health chairman pledges 'relentless' pursuit to recover money. NMC Health will be "relentless" in its pursuit of recovering any money it is entitled to as a UK High Court hearing to appoint administrators looms, its executive chairman said.. Mr Belhoul became executive chairman of the UAE's biggest healthcare group on March 26 after his Dubai-based private equity firm, Ithmar Capital, secured a 9 per cent stake in NMC Health.. NMC Health has made a series of damaging disclosures in the past few months after a report by activist investor Muddy Waters in December alleged it inflated cash balances, overpaid for assets and understated its debt.. Last month, the company said its debt stood at $6.6 billion (Dh24bn), substantially higher than the $2.1bn declared in its last filed accounts.. During the uncertainty, the company also faced cashflow pressures, which led to delays in February salary payments, but Mr Belhoul said payments for March "have already been made".. "Our task is to ensure that the business secures the funding it needs to continue the smooth operations," he said.. NMC Health owes money to more than 80 local, regional and international lenders, according to a disclosure from its biggest creditor,