Hidden $2.7 Billion Tips NMC Health Into All-Out Scandal

Troubled Abu Dhabi company’s debt rises to about $5 billion
NMC’s $400 million in sukuk crashes on news about hidden debt

The NMC Speciality Hospital in Abu Dhabi.
Photographer: Christopher Pike/Bloomberg

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By Nicolas Parasie and Lisa Pham

March 10, 2020 at 4:30 PM UTC

Updated on

March 11, 2020 at 8:26 AM UTC

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NMC Health Plc uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes, tipping the troubled Middle Eastern hospital operator into a full-blown accounting scandal.