The new CEO of NMC Healthcare, Faisal Belhoul, announced that the new management team of the company is working on a comprehensive restructuring plan, which includes negotiating with banks and creditors, and ensuring the continuity of the company.
He stressed the existence of unacceptable errors and practices that occurred from the previous administration, which led to financial problems for the group, stressing the criminal prosecution of minors.
He pointed out that the group has negotiations to obtain government support to help it regain its activity and reassure investors.
In detail, Faisal Belhoul, the new CEO of NMC Healthcare, said in a remote briefing that “NMC Group is the largest operator of the private health sector in the UAE, and has a major role in providing Medical care, but the existence of administrative errors and unacceptable practices, have occurred on the part of the previous administration, which led to financial problems, which the group is currently facing.
He added that «financial and operational stability comes at the forefront of the priorities that the new administration is working on, through a restructuring plan, which includes negotiations with banks and creditor companies, to reach solutions that satisfy all parties», stressing that the continuity of the group’s work and support medical personnel to fight the Corona virus They are among our priorities, along with reassuring creditors, and bringing trust, cooperation and open dialogue with the government, which will restore the credibility of the group. Belhoul said that "pursuing the wrongdoers and holding them accountable at the forefront of the tasks entrusted to the new administration and working on them, in coordination with the competent authorities inside and outside the state, to restore the rights of shareholders." He explained that «(the company) focuses strongly on cooperation with lenders, as the data that was discovered on debts constituted a severe shock to the banks, so it was important to have negotiations with the latter on how to reach an agreement that satisfies everyone, as we have come a long way in this matter, but Negotiations are still ongoing, ”he said, noting that“ there are also attempts, to discourage ADCB, to withdraw his application submitted to the court to impose legal guardianship on the company, because of its negative effects, and this is what the British court will decide today. ” Belhoul added, “What happened from taking bank money is a fraud by hiding information, and there are several parties that contributed to this, whether auditors or internal management or even banks, and this is up to the specialists from the relevant authorities, where we fully cooperate with them, whether the competent authority With financial crimes in the UAE, or the London Capital Market Authority, we will provide these agencies with all the documents and evidence. ”
Belhoul added: “The total size of the company's debt is $ 6.6 billion (24.2 billion dirhams), and the new administration asked for all the evidence that shows the value of the money that entered the company's accounts, and those that entered the partners’ accounts directly, ”noting that“ the group deals with liquidity with great care. , To meet the main needs and expenses in the current stage, in cooperation with a financial consulting company, especially after a number of officials in the previous administration fled. He pointed out that «there is a joint responsibility between the previous board of directors, the banks that are supposed to take into account all the risks, and any complicit parties the responsibility of the competent authorities», indicating that «the company deals, at present, with 70 creditors inside and outside the UAE, and the goal is to enable the company to continue its activities Restoring rights, and pursuing minors wherever they are, according to local and international laws. Noting that there are negotiations to obtain government support that helps the company to continue and recover, but so far there are no decisions.
Business volume
The new CEO of NMC Healthcare, Faisal Belhoul, confirmed that the company’s business volume in the UAE is large, and its market value previously reached $ 10 billion (36.8 billion dirhams), and operational activities are continuing, despite being affected in the first quarter due to the repercussions "Corona", but this effect is temporary and ends soon, and the group returns to its previous operational level, denying the existence of any intention to sell assets or dispense with first-line employees or medical personnel, but salaries and all operating expenses were paid thanks to the freezing of payments due to banks, and we hope to arrive To resolve with all parties, during the period w Ath months.