DUBAI: NMC Health, the UAE’s largest private health care provider, said on Monday its founder B.R. Shetty has resigned as the group’s joint non-executive chairman.
The resignation took effect on February 16, the blue-chip FTSE 100 company said in a disclosure to the London Stock Exchange.
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H.J. Mark Tompkins will continue as the sole non-executive chairman of the company, NMC Health said.
Abdulrahman Basaddiq, who was appointed as director in February 2014, and Hani Buttikhi, who was appointed as an executive director and chief investment officer in June 2017, also resigned.
UK stock market regulators are looking into the company after news that B.R. Shetty had inaccurately disclosed the size of his stake in the business.
NMC subsequently said that there had been a series of complex shareholder dealings involving Shetty, Bin Yousef and another top investor, Saeed Butti Al-Qebaisi. Al-Qebaisi previously held 17.43 percent of NMC shares until he unloaded a huge block last month and reduced his holding to 4.7 percent.
The NMC Health diclosure said: “In his resignation letter to the board, Buttikhi confirmed that he first became aware of previously unreported share transactions between the principal Shareholders in recent days when they were notified to, and then announced by, the company.”
NMC Health also stated that former chief investment officer “Basaddiq confirmed that he had no knowledge of any possible transfer of ownership of shares between the Principal Shareholders in May 2017, nor in relation to some unreported pledges and/or other securitization of shares by the Principal Shareholders which have now been notified to the Company.”