The UK’s accounting regulator has started inquiries into EY (Ernst & Young) on how it allowed NMC to finalize financial results for 2018.
The Financial Reporting Council would particularly want to know how the audit process failed to disclose bank loans far more than the $2 billion that NMC was deemed to have at the time.
“On 15 April 2020 the Financial Reporting Council opened an investigation into the audit by Ernst and Young LLP of the financial statements of NMC Health for the year ended 31 December 2018,” – Financial Reporting Council Statement
EY had recently moved down as an auditor of NMC Health’s sister company, Finablr, which owns the UAE Exchange Centre. GCC Business News had earlier reported on Finablr that it came across $1.3 billion in undisclosed funds.