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British watchdog investigates “EY” on “NMC” – economist – financial markets

The British regulatory watchdog said it had launched an investigation into eWay’s examination of NMC Healthcare, which was placed under administrative custody in April.

Trading of shares of “NMC” on the London Stock Exchange was suspended after the company adjusted its debt position to $ 6.6 billion, far exceeding previous estimates.

The Financial Reporting Council said today, Monday, 15 April 2020, the Financial Reporting Board launched an investigation into Ernst & Young’s audit of NMC Financial Data for the year ended December 31, 2018.

E.Y said she was notified of the intention of the Financial Reporting Council to conduct an investigation into the NMC audit.

“We will fully cooperate with the Financial Reporting Board during the investigations,” E.Y said in a statement. “It is not appropriate to comment further at this time.”

Abu Dhabi Commercial Bank, one of the company’s largest lenders, said that he filed a criminal complaint in Abu Dhabi against a number of individuals, whom he did not specify, in connection with the company.

NMC is the largest private-sector healthcare provider in the UAE, but it was audited late last year after US financial specialist Maddy Waters questioned its financial statements.

The Financial Reporting Council has the right to fine or prohibit the work of financial auditing firms if it concludes that they have not complied with its standards.

BR Shetty, founder of the company, said on April 29 that an investigation conducted by his consultants had concluded a fraud at the company, and he was exonerating himself.

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