NMC Health founder and co-chairman resigns as troubled UAE firms woes continue

NMC Health is the UAE’s largest private health care provider. (NMC Health)
Short Url
Updated 17 February 2020

NMC Health founder and co-chairman resigns as troubled UAE firms woes continue

  • NMC Health is the UAE’s largest private health care provider

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.

Opinion

This section contains relevant reference points, placed in (Opinion field)


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.”


Philippine jobless rate hits record 17.7% in April due to pandemic

Updated 05 June 2020

Philippine jobless rate hits record 17.7% in April due to pandemic

  • The Philippines is facing its biggest economic contraction in more than three decades
  • April’s 17.7 percent unemployment rate equivalent to 7.3 million people without jobs

MANILA: The Philippines’ unemployment rate surged to a record 17.7 percent in April, the statistics agency said on Friday, as millions lost their jobs due to a pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia’s fastest growing economies, is facing its biggest contraction in more than three decades after the new coronavirus shuttered businesses and crushed domestic demand.
April’s unemployment rate, which is 7.3 million people without jobs, compares with 5.3 percent in January and 5.1 percent in April last year.
“We should not lose sight of the fact that this loss in employment is really temporary,” Economic Planning Undersecretary Rosemarie Edillon said in an online news conference.
The lockdown in the capital, Manila, which was one of the world’s longest and strictest, was relaxed as of June 1 to allow much-needed business activity to resume and soften the economic blow of the coronavirus, which has infected more than 20,000 in the country.