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  "documentTitle": "NMC Health plc (NMC)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide uses investigative research to highlight potential conflicts of interest and undisclosed debt structures.",
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      "text": "These three apparent undisclosed related parties suggest that there is much still unknown about the web of enmeshed transactions at NMC, as well as the extent to which its key shareholders hold economic interests beyond what the company is willing to disclose.",
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      "text": "These three apparent undisclosed related parties suggest that there is much still unknown about the web of enmeshed transactions at NMC, as well as the extent to which its key shareholders hold economic interests beyond what the company is willing to disclose. In each of these cases, undisclosed debt secured by NMC insiders' shares could be a vehicle to provide services to NMC below cost and at a loss for the vendor, which would certainly go part of the way toward explaining what we view as NMC's \"too good to be true\" margins.",
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      "text": "We opined that \"we are unsure how deep the rot at NMC goes\", and we believe that recent events have ratified that concern in spades. It is possible that NMC's independent directors",
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      "text": "NMC Vendor Shetty Lighting presents another potential undisclosed relationship. Out of 22 Shetty Lighting projects enumerated on the company's site, five counted NMC as the client, while the sixth was for another Shetty business, Neopharma.",
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      "text": "To deepen the confusion, though BRS Catering seems to share at least two senior finance and operations employees with Royal Catering, BRS Catering's Managing Director (CEO) is again named as Seema Shetty, not Royal Catering's then-CEO Jean-Pierre Garat. Therefore, it seems to follow that not only is a BRS Ventures portfolio company, Royal Catering, providing catering services to NMC, but BR Shetty's daughter operates a distinct company, also named after her father and with approximately $2.5 million in turnover a year.",
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      "kind": "paragraph",
      "text": "that date. No corresponding disclosures appear in NMC's reports. Less information is available regarding BRS Catering Services LLC, but its shareholdings paint a curious picture. As of the most recent ICP credit report available (dated 2018), BRS Catering Services, which is a distinct entity from Royal Catering, has 150 employees and is 49% owned by BR Shetty's daughter, Seema Raghuram Shetty. Its headquarters are on the grounds of NMC Specialty Hospital in Dubai. (51% of BRS Catering Services is owned by a UAE national, Abdulla Alhaj Alawadhi, who is invested in at least one other Shetty vehicle.)",
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      "text": "“we are unsure how deep the rot at NMC goes” — Muddy Waters Capital",
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      "text": "Footnotes 11-20",
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      "text": "Deadly Serious Concerns About NMC's Governance",
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