NMC Health plc

Muddy Waters published a short position on NMC Health in December 2019 and alleged understated debt and other accounting concerns, as reported by CNBC^S2. NMC called the report false and misleading^S3. In November 2023 the UK Financial Conduct Authority censured NMC for market abuse. It found that statements published between March 2019 and February 2020 understated debt by as much as USD 4 billion^S1. NMC entered administration in April 2020^S1. The administrators sued EY for around GBP 2 billion in the High Court in London^S4. The case settled for GBP 105.5 million before judgment, without admission of liability^S6^S5.

Also known as: NMC Health, NMC Health Plc (in Administration), New Medical Centre
Headquarters: United Arab Emirates
Records from: United Kingdom, United Arab Emirates
Current status: NMC Health plc was placed into administration in April 2020^S1. Its administrators settled their damages claim against the auditor EY for GBP 105.5 million without admission of liability and before any judgment, as reported in May 2026^S6^S5.

Scope. This record covers NMC Health plc, the London listed holding company of a UAE hospital group. It does not cover other companies or hospitals using the NMC initials.

Claims assessed

4 claims. Scores grade the evidence for each claim, not the organization.

Supported88
Muddy Waters alleged in December 2019 that NMC Health was understating its debt.
Press report, 2 January 20203 records citedAccounting
Contradicted86
NMC Health said in December 2019 that the Muddy Waters report was false and misleading.
Press report, 20 December 20193 records citedDisclosure
Unverifiable35
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.
Press report, 2 January 20202 records citedAccounting
Outdated76
A 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

Cases and proceedings

Financial Conduct Authority v. NMC Health plc (in administration)Financial Conduct Authority (United Kingdom). Regulatory. Not published.Stage: Public censure issued
- 17 November 2023 Censure for market abuse, no financial penalty to protect creditors^S1.
NMC Health plc (in administration) v. Ernst and YoungHigh Court of England and Wales. Civil. Not published.Stage: Settled before judgment
- 16 May 2026 Settlement of GBP 105.5 million without admission of liability reported^S6.

Responses on record

NMC Health plc, 20 December 2019, on NMC Health said in December 2019 that the Muddy Waters report was false and misleading....
NMC called the short report false and misleading and said supplier finance was booked as trade payables.^S3
EY, 22 May 2025, on A May 2025 report said NMC Health's administrators were suing EY for around GBP 2 billion ...
EY denied the allegations of negligence and argued it was a victim of fraud by senior NMC personnel.^S4

Revision history

25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

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
S6Tier C EY Pays Over £100 Million to Settle NMC Health Legal ClaimBloomberg News (James Booth, via Bloomberg Government). Press report. 16 May 2026.Reports the GBP 105.5 million settlement shown in NMC's administration report and that EY made no admission of liability. It is not the filing itself.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
S4Tier C EY faces $2.7bn lawsuit over alleged audit failuresInternational Accounting Bulletin (author Vishnu Priya N). Press report. 22 May 2025.Reports the claim size, the trial start and EY's denial. It replaces an undated AGBI page. It reports a pending claim only.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
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