Under-fire FTSE 100 company NMC Health PLC (LON:NMC) has announced the composition of the committee that will oversee the independent third-party review announced last month.
The share price of the Middle East-focused hospitals operator has been hit hard by allegations from hedge fund Muddy Waters of iffy accounting practices, falling from 2,585p on 16 December to 1,750p last Friday.
The board of NMC hopes that independent non-executive directors Jonathan Bomford (chair), Tarek Alnabulsi, Lord Clanwilliam and Salma Hareb, who have been appointed to conduct the review into Muddy Waters’ accusations, will give the company a clean bill of health.
The review will focus initially on confirmation of the group's cash balances as at 15 December 2019 and this will be published as soon as possible. The remainder of the review is expected to be completed, and its findings published, well in advance of the finalisation and announcement of the company's 2019 full-year results.
Shares In NMC fell 5.3% to 1,657p on the news.