The US company, "Madi Waters," which specializes in investment research and financial data disclosure, said that serious doubts about the financial statements of "NMC" for health care, including the asset values, cash balance, reported profits, as well as debt levels, come In the forefront of the reasons that led her to research the company’s position and management, she expressed her belief that NMC manipulated its balance sheets to reduce debt intentionally.

High cost

In response to Emirates Today’s questions, “Madi Waters” added that the investments made by “NMC” were made at a very high cost that cannot be accepted, pointing out that this behavior usually raises fears of fraud to inflate and steal the company's assets, and gives False impression of investors.

She continued: «Some of the investments made by the company were less than the value reported by about 70%, as was the process in the development of (Royal NMC Hospital for Women), in addition to making purchases from parties related to the group.

Budget manipulation

In the report I sent to Emirates Today, Madi Waters made it clear that it believed that NMC had manipulated its balance sheets to reduce debt intentionally, as of 2018.

She pointed out that all of these reasons and factors are likely to be less, if the "NMC" adopted a system of governance, stressing that the governance in "NMC" was not sufficient, and will not meet the purpose, in addition to the results that are reached, show In fact, the independent directors are actually not independent.

Maddy Waters

It is noteworthy that "Madi Waters", one of the well known American companies in the field of investment research, and the disclosure of fraudulent financial and accounting data, and it runs a global hedge fund, known for speculating on the shares of companies according to the short selling mechanism (short selling).

The company, Carson Block, is owned by one of the major speculators in "short selling". The term “short sale” or “blank sale” is defined as the sale of a security before it is acquired, with the intention of buying it later at a lower value, thus achieving a profit equal to the difference between the short sale price and the purchase price, minus the interest the investor pays for borrowing the security in the period between Buying and selling. This mechanism is not activated in the UAE market until now, despite its approval.

Some of NMC's investments are 70% less than the reported value.

Madi Waters: The board members are not actually independent.