Abu Dhabi, UAETuesday 27 October 2020

BR Shetty’s wife steps down as NMC Health’s group medical director

Dr CR Shetty had joined her husband’s business in 1975 and was its first medical doctor

The NMC Pharmacy along the Zayed The First Street, Abu Dhabi. Victor Besa / The National 
The NMC Pharmacy along the Zayed The First Street, Abu Dhabi. Victor Besa / The National 

Dr Chandrakumari Raghuram Shetty, the wife of UAE-based NMC Health’s founder BR Shetty, has officially stepped down from her position of group medical director.

Dr Shetty joined her husband's business when he opened his first medical centre in 1975 and was the company's first medical doctor, rising to become group medical director of NMC Health and director of hospitals at its UAE-based subsidiary NMC Healthcare.

“In her previous role as medical director, Dr CR Shetty’s focus was on delivering the best clinical care to patients … a quality NMC continues to prioritise in spite of the challenges the company has faced during 2020,” Michael Davis, NMC Health’s chief executive, told The National on Friday.

Before leaving the company she also chaired committees including governance, infection control, patient rights, quality and facility management. Ms Shetty, who has been in India with her husband for most of this year, was not involved in the group's financial activities, Mr Davis said.

“Her role was clinical and did not involve any financial dealings … since March, Dr Shetty has not been active in her role,” he added.

Ms Shetty, who is in early seventies, did not respond to The National’s request for comments.

Dr. Chandrakumari Raghuram Shetty, wife of UAE-based NMC Group’s founder BR Shetty, has stepped down from the position of the group’s medical director. Courtesy brshetty.com
Dr Chandrakumari Raghuram Shetty has stepped down from the position of the group medical director of NMC Health. Courtesy brshetty.com

However, one of her close aides in Abu Dhabi said she has recently undergone knee surgery and is currently recovering from it.

NMC Health was placed into administration in April after several months of upheaval that began in December last year after US-based activist investor Muddy Waters alleged the company had inflated its cash balances and understated its debts.

This led to the appointment of external investigators including a company led by a former director of the US Federal Bureau of Investigations, Louis Freeh.

Investigations found that NMC Health’s debts, at about $6.6 billion (Dh24.2bn), were materially higher than the $2.1bn declared in its accounts. They also highlighted “suspected fraudulent behaviour” at the company

Its administrators Alvarez and Marsal set out a three-year turnaround plan with Mr Davis last month, which involves putting its UAE operations into administration through the Abu Dhabi Global Markets Courts to fend off creditor claims and the raising of $300m in additional funding from lenders to allow its UAE and Oman operations to continue to operate.

A hearing to appoint administrators to UAE-based NMC Healthcare and more than 30 associated companies is due to be heard at ADGM Courts on Sunday.

Updated: September 26, 2020 01:03 PM

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