MUSCAT: Taageer Finance on Monday disclosed to the Muscat Securities Market that it has an outstanding exposure of OMR 1.228 million to the NMC Healthcare Group.
“The total outstanding due amount as on date against the facilities given to NMC Healthcare LLC by Taageer Finance Co. SAOG is equal to OMR 1.228 million.” a statement from the company said.
Early on Sunday, HSBC Oman disclosed that $16 million (approximately OMR 6 million) exposure to NMC that is now facing scrutiny from regulators and creditors for financial irregularities worth $6.6 billion.
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Bank Nizwa had earlier announced its indirect exposure to the UAE based hospital operator that facing a debt of $6.6 billion.
In a disclosure to MSM, Bank Nizwa while revealing that it has “no funding, investments or other facilities” with troubled NMC Health or its affiliate companies Finablr and UAE Exchange, the bank admitted it has a OMR 5 million direct finance ties with its subsidiary ‘Elegant Medical Center LLC’ which was granted for its operations in Oman only. It is worth noting that NMC Health has 34.3% stake in Elegant Medical Center.
Meanwhile, United Finance, Ahli Bank, Alizz Islamic Bank have revealed that they have no financial relationships with NMC.
What’s the story?
NMC – which recently revised its debt position to $6.6 billion, well above earlier estimates – has seen its stock more than halve in value since December after short-seller Muddy Waters questioned its financial statements.
The turmoil at the group was triggered after a December report by Muddy Waters, which said it had concerns over asset values, cash balance, reported profits, and reported debt levels, as well as possible fraud.
Following suspected fraud and financial irregularities the company’s chief financial officer and chairman have resigned.
NMC Health’s new executive chairman Faisal Belhoul on Saturday called on the company’s creditors to suspend debt repayments and said he would work with authorities in Britain and the United Arab Emirates (UAE) to recover misused funds.
