The inaccurate financial statements were designed to mislead the market about the company’s debt, but NMC cannot be fined as the business is bankrupt.

As a result, the Financial Conduct Authority (FCA) has issued a censure notice against the bankrupt business instead of a fine as NMC has no funds to pay after creditor claims. The regulator stressed that it would have imposed a ‘substantial financial penalty’ had funds been available.   

NMC was a healthcare operator headquartered in the United Arab Emirates, listed on the FTSE 100 since 2017.