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  "docSlug": "4e150a3ef496",
  "documentTitle": "NMC Health plc (NMC.LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-17 00:00:00",
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  "notes": "This is a research note page focusing on forensic accounting findings regarding supply chain financing.",
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      "kind": "callout",
      "text": "The reality is that NMC does engage in reverse factoring, and it goes beyond the Credit Suisse amounts.",
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      "text": "The reality is that NMC does engage in reverse factoring, and it goes beyond the Credit Suisse amounts. In addition to the Credit Suisse funds, we found a facility issued by an entity called Channel Finance. Just as importantly, we suspect that NMC's reported debt does not include these reverse factoring facilities. Interestingly, in November 2019, the notes financing the facility were de-listed, which could be an attempt to conceal this facility.",
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      "text": "In 2018, NMC appears to have issued in over $100 million of supply chain financing payables bought by Credit Suisse funds. We see NMC payables present in two Credit Suisse supply chain funds in both 2018 and 2019. These are the Credit Suisse (Lux) Supply Chain Finance Fund and Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund.46,47,48,49 October 31, 2018 annual snapshots of the CS funds' holdings are shown below:",
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      "text": "46 Credit Suisse Virtuoso SICAV-SIF, Unaudited Semi-Annual Report at 30.04.2019, p. 38\n47 Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund Unaudited Semi-Annual Report at 30.04.2019, p. 77\n48 Credit Suisse Virtuoso SICAV-SIF, Annual Report at 30.10.2019, p. 40\n49 Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund Annual Report at 30.10.2019, p. 84",
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