Regulatory case
Financial Conduct Authority v. NMC Health plc (in administration)
- Authority
- Financial Conduct Authority (United Kingdom)
- Case number
- Not published
- Filed or opened
- Not published
- Organization
- NMC Health plc
- Current stage
- Public censure issued
- Outcome
- Final. Public censure.
Decisions and steps
- Censure for market abuse, no financial penalty to protect creditorsS1.
Claims this case bears on
- Supported88Muddy Waters alleged in December 2019 that NMC Health was understating its debt.Press report, 2 January 20203 records citedAccounting
- Contradicted86NMC Health said in December 2019 that the Muddy Waters report was false and misleading.Press report, 20 December 20193 records citedDisclosure
- Unverifiable35Muddy Waters questioned NMC's reported investment in a hospital, saying the cost of US$7,700 per square metre was well above expected levels.Press report, 2 January 20202 records citedAccounting
Sources
- S1Tier A FCA censures NMC Health Plc (in Administration) for market abuseFinancial Conduct Authority. Regulator press release. 17 November 2023.Finds debt understated by as much as USD 4 billion in statements from March 2019 to February 2020. It does not address asset values or the short report point by point.Link working, checked 25 October 2026