No suitable evidence could be located after a documented search.
Muddy Waters questioned NMC's reported investment in a hospital, saying the cost of US$7,700 per square metre was well above expected levels.
- About
- NMC Health plc
- Claim made by
- CNBC, press report
- Published
- 2 January 2020
- Original
- Abu Dhabi's NMC Health in messy dispute with US short seller Muddy Waters after stock ambush
- Evidence score
- 35 How it was scored
- Last reviewed
- 25 October 2026
Why this label
CNBC reported the short seller's concern about a US$107.4 million hospital investment and its cost per square metreS2. NMC said the costs rose from a delay over floor weight and cladding and were disclosed adequatelyS3. It released a consultant letter on floor areaS2. The FCA censure read for this review addresses debt, not asset valuesS1. The EY case settled before any judgment, so no court ruled on audit pointsS5. No official record on this hospital's cost was found within the search budget, so the point is Unverifiable.
Current procedural position
No regulator or court finding on this asset was found as of 25 October 2026S1S5.
Record supporting the assessment
the cost of $7,700 per square meter
Conflicting or limiting record
the reported costs were disclosed adequately in the annual report.
Evidence score: 35 of 100
The score grades how well the record establishes this assessment. It is not a score of NMC Health plc. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 8 | 30 | Only press accounts of the allegation and the rebuttal were found. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 8 | 20 | They describe the dispute, not its answer. |
| CorroborationDo independent records support the same material point? | 3 | 15 | No independent record resolves it. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 2 | 15 | No proceeding addressed the point. |
| CurrencyHas the record been checked against later developments? | 7 | 10 | The EY settlement of 2026 was checked, but other records may exist. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 7 | 10 | The press accounts are public. |
| Total | 35 | 100 |
Timeline
Related cases
- Financial Conduct Authority v. NMC Health plc (in administration)Financial Conduct Authority (United Kingdom). Regulatory. Not published.Stage: Public censure issued
- Censure for market abuse, no financial penalty to protect creditorsS1.
Revision history
- Assessment first published with label Unverifiable.
Have a record that changes this assessment? See corrections and responses.
Sources
- S2Tier C Abu Dhabi's NMC Health in messy dispute with US short seller Muddy Waters after stock ambushCNBC. Press report. 2 January 2020.Summarises the short seller's allegations and NMC's replies. The date comes from the page address and matches a HedgeCo republication of 3 January 2020. No byline was visible in the text read. It records allegations only.Link working, checked 25 October 2026
- S3Tier C NMC refutes Muddy Waters report in detailGulf News. Press report. 20 December 2019.Reports NMC's rebuttal. It is the company's position as reported, not a finding.Link working, checked 25 October 2026
- 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
- S5Tier D NMC Health v EY - learnings from the blockbuster judgment that wasn'tDAC Beachcroft. Academic paper. 13 July 2026.Law firm analysis stating the GBP 105.5 million settlement before judgment. It does not report any admission by EY.Link working, checked 25 October 2026
Other claims about NMC Health plc
- 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
- Outdated76A May 2025 report said NMC Health's administrators were suing EY for around GBP 2 billion in a trial at the High Court in London.Press report, 22 May 20253 records citedCorporate status