The recent tug of war over the share price of NMC Health PLC (LON:NMC) continued on Christmas Eve as the FTSE 100-listed firm moved to further refute allegations made against it by hedge fund, Muddy Waters.

The UAE-based hospitals operator’s share price received a boost on Monday when the company revealed it would kick off an independent investigation into the allegations made by Muddy Waters, which has taken a short position in NMC’s shares – essentially a bet that the share price will go down.

READ: NMC Health to launch independent review into short-seller Muddy Waters’ claims

In a further clarification of points related to a statement it made on 19 December regarding Muddy Waters’ comments, NMC Health pointed out today that it has obtained the trade licenses of Modular Concepts from the 2011-2016 period, which provide the ownership structure of the business throughout that period.

It also noted that Pradeep Rai manages its Procurement Team responsible for Healthcare Consumables and is not involved in pharma procurement.  

Furthermore, the group said, construction of all major development projects outlined in its IPO prospectus and undertaken by the company after its IPO in 2012 were completed by 2015, including the contract for NMC Royal Women’s Hospital – formerly Brightpoint – which was awarded in 2011 and completed in 2014.

Muddy Waters, meanwhile, has issued a dismissive response to NMC’s announcement of an independent review, saying, “The unfortunate history of such reviews is that they are usually exercises in whitewashing that provide little to no transparency or accountability.”

“Companies such as Noble Group and Sino-Forest were both exonerated by their purportedly independent reviews, only to collapse later,” Muddy Waters observed.

After Monday’s rally, NMC shares were down 1.5% this morning at 1,753p, but came off earlier lows.

 — Adds Muddy Water statement, updates share price —