Now crisis-hit NMC Health fires chief exec Prasanth Manghat

Now crisis-hit NMC Health fires chief exec after investigators find ‘potential discrepancies’ on its balance sheet

NMC Health said it had removed Prasanth Manghat ‘with immediate effect’

Crisis-hit NMC Health has fired its chief executive after discovering it could be on the hook for £260million of secretly arranged loans.

The Middle Eastern private healthcare firm said it had removed Prasanth Manghat ‘with immediate effect’ after investigators found ‘potential discrepancies and inconsistencies’ in its balance sheet. 

Finance chief Prashanth Shenoy has been granted extended sick leave.

The board said investigators found firms controlled by ousted former joint-chairman BR Shetty and former vice-president Khaleefa Bin Butti Al Muhairi had taken out loan facilities to pay suppliers, drawing out almost £260million.

NMC was secretly put down as a guarantor for the loans without board approval, meaning it could be asked to repay creditors if Shetty’s companies cannot.

Michael Davis has taken over temporarily as chief executive.

 

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