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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",
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  "presentationDate": "2019-12-17 00:00:00",
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  "notes": "Includes table of hospital costs, qualitative evidence of potential fraud/overpayment, and identification of Modular Concepts as a related party.",
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      "text": "Such an outlier price for NMC Royal Women’s suggests significant overpayment.",
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      "text": "cost per square meter: +106%",
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      "text": "Modular Concepts, LLC appears to have been the primary contractor for the redevelopment. It appears to be controlled by BR Shetty, and therefore should be a de facto related party.",
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      "text": "Such an outlier price for NMC Royal Women’s suggests significant overpayment. When our investigators informed a UAE Health Ministry official of the $70 million construction cost, they reported back that that was “likely to be a very exaggerated amount”...",
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      "kind": "quote",
      "text": "“likely to be a very exaggerated amount” — UAE Health Ministry official; “something fishy” — Abu Dhabi Department of Health executive; “seemed less than straightforward” — Person with knowledge of land lease terms.",
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      "kind": "source-note",
      "text": "Sources: Interview of former NMC executive, Middle East Healthcare Company Prospectus, Annual Reports, etc.",
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      "kind": "source-note",
      "text": "2 Investigator interview of Ministry of Health executive, 2019. 3 Investigator interview of Abu Dhabi Department of Health executive, 2019. 4 http://modconsllc.com/projects",
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      "kind": "table",
      "text": "Hospital Name, Country, $/sqm, Type of Care. NMC Royal, Khalifa City, UAE, 3,793, Quaternary. Generic Comparable Hospital, UAE, 3,692, Tertiary. Saudi German, Saudi Arabia, 3,253, Tertiary. Mediclinic, UAE, 3,918, Tertiary. Danat, UAE, 3,979, Maternity.",
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      "text": "All-In Hospital Costs ($/sqm of Built-Up Area)",
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