Dubai's Union Properties denies exposure to NMC Health

Dubai-based developer Union Properties (UPP) on Wednesday denied rumours that it has exposure to troubled NMC Health.

The company said in a statement to Dubai Financial Market, where it is listed, that rumours of its exposure to London-listed NMC Health's shares or debt is "false."

The troubled healthcare company said in March that it had found fraud and debt that had been used for unknown purposes. It had identified over $2.7 billion in debt that had not been disclosed to its board earlier, which took its total debt to around $5 billion.

Following that, its chairman BR Shetty, vice-chairman Khalifa Al Muhairi and chief executive officer Prasanth Manghat resigned from the company. NMC shares remain suspended since February and it was removed from the UK's benchmark index this month.

"Due to numerous contacts inquiries about the rumours circulating with regard to exposure of Union Properties and its subsidiaries to NMC Health, whether through ownership in shares of that company which is listed on London Stock Exchange or by investing in debt securities or any other transactions, the company confirms that these rumours are false," ," it said in the statement.

Union Properties asked investors to obtain information through the disclosure issued by through legal channels.