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Drake & Scull Files New Criminal Complaints against Previous Management

Infra News - Published on Mon, 11 Nov 2019

Image Source: arabianbusiness
The board of Drake & Scull International issued a statement promising to complete a probe into misconduct by its previous management and announcing that it has filed new criminal complaints with the UAE Securities and Commodities Authority to add to the 15 it had previously brought. The Dubai-based contractor launched the probe, alongside a restructuring plan, after allegations were made that its previous managers had concealed USD 857 million in losses. The statement added that a travel ban and an asset freeze had been put in place against "a previous executive manager, as well as one of his family members".

Mr Shafiq Ahmed Saleh Abdelhamid, the chairman of DSI, said in the statement: "It is our duty to protect the rights of our shareholders who trusted us and invested in this company. We will pursue everyone who was involved and is proven guilty of jeopardising in any manner the best interests of our shareholders and undermining their trust in the company."

The statement did not name any of the previous managers. However, 15 charges were filed last year against Khaldoun Tabari and his wife, and his bank accounts in the UAE were frozen in June 2018. Tabari, a Jordanian businessman, was formerly DSI's chief executive.

Source :

Posted By : Arun Huidrom on Mon, 11 Nov 2019
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