Struggling NMC Health in possible takeover talks

The founder of hospital group NMC Health has been forced to stand down from the board and launch a legal review into exactly how much of the company he owns.

Dr Bavaguthu Raghuram Shetty announced via the business that his holdings, along with two Emirati partners, “have been incorrectly reported historically to the company and the market”.

He will step back from the board while “the process of carrying out a legal review in order to verify the total interests” of the businessman and his family is carried out.

The embarrassing revelation comes on the same day that NMC Health confirmed it is holding discussions with a private equity firm about a possible takeover.

KKR, which has already invested in US healthcare, held talks with bosses at NMC Health, which operates 19 private hospitals from its Abu Dhabi base, about a potential £2 billion takeover.