NMC Health reveals suspected fraudulent activity

The company's independent review committee hired advisers led by former FBI director Louis Freeh in January to investigate accusations of financial irregularities made by the US short seller Muddy Waters Research. On Thursday NMC said the advisers had found evidence of suspected fraudulent behaviour.

The UAE healthcare operator has been under mounting pressure since Muddy Waters released a report in December saying the company's debt was manipulated and understated - allegations NMC denied. On Tuesday, after a string of other damaging revelations and upheavals, the company said it had uncovered $2.7bn of previously unreported debt on top of $2.1bn of disclosed debt.

"The review advisers have informed the committee that they have discovered evidence leading to suspected fraudulent behaviour in relation to some elements of NMC's previous financial activities," NMC said. " NMC is fully committed to investigating these activities and has notified the relevant authorities in the UK and UAE to determine what action they also consider to be appropriate."

The company's shares were suspended on 27 February by the Financial Conduct Authority after it fired Chief Executive Prasanth Mangat and put its finance chief on extended sick leave. It will leave the FTSE 100 when the shares resume trading.

NMC said it was focused on providing services at its chain of hospitals and on safeguarding its liquidity so that it can keep funding existing operations.