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  "documentTitle": "NMC Health plc (NMC.LN)",
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      "text": "As for the auditor, NMC has had three different Senior Statutory Auditors from Ernst & Young in four years. We understand that engagement partners generally serve for five to seven years.",
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      "text": "Meanwhile, the Chair of NMC’s Audit Committee, Lord Meade, has no apparent accounting experience. He was Chairman of Eurasia Drilling, where he recommended a buyout by the majority oligarch shareholders.",
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      "text": "Insiders own 55% of NMC shares. 17.4% is owned by Saeed Bin Butti, 14.7% is owned by Khalifa Bin Butti, and 7.3% belongs to joint Bin Butti vehicle Infinite Investments, while BR Shetty owns 15.9%.",
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      "text": "Other current and former members of the board also exhibit strong ties to the controlling shareholders of NMC. Ayesha Abdulla was previously CEO of Dubai Healthcare City, which launched Shetty’s BR Medical Suites.",
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      "text": "Some of the “independent” directors appear to us independent in name only. Abdulrahman Basaddiq is a former Ernst & Young country partner who is on the board of Shetty-controlled Finablr.",
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      "text": "Despite these entanglements, NMC Group’s controlling shareholders claim their relationship agreement “includes provisions to ensure the Board remains independent.”",
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      "text": "“the retirement plan for former Ernst & Young partners” — Muddy Waters Issues Strong Sell on Sino-Forest Corporation",
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      "text": "Muddy Waters Issues Strong Sell on Sino-Forest Corporation, p. 2; NMC 2018 Annual Report, p. 94; Expert interview, October 2019.",
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