NMC Health, the London-listed healthcare provider that operates hospitals in Abu Dhabi, said Tuesday that it owes $2.7bn more in debt than it had previously told investors.

The acknowledgement is the latest setback for the company, which had prided itself as a burgeoning Middle East success story. That narrative unravelled this year when the company said it couldn’t verify the holdings of its biggest investors. Its chief executive left in February, and outside auditors and bankers were brought in to look at the company’s books.