Wealth Management

Former Drake & Scull CEO says he’s a scapegoat for rising losses

Dubai/Bloomberg

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Drake & Scull International began reporting losses in 2015 after the decline in oil prices forced developers and clients to defer payments and delay projects.

Tuesday 17, September 2019

The former Chief Executive Officer of Drake & Scull International said that the company’s accusations of financial violations against him are an attempt to find a scapegoat for rising losses, reported Bloomberg.

Khaldoun Tabari, the former CEO of Drake & Scull, said that the Dubai-based contractor filed 15 complaints against him to the public prosecutor last year, adding that the allegations prompted authorities in the UAE to order banks to freeze his bank accounts in June 2018.

The Jordanian businessman said he has not been questioned by UAE authorities, who have also issued a travel ban against him while he was out of the country.

Tabari also said that he only found out about the details of the probe in October and followed up by submitting documents to prove his innocence.

Following Tabari’s departure as CEO in 2016, the contractor has replaced five Chief Executives and four Chief Financial Officers and its shares were suspended November.

In April, the construction company blamed its AED 4.5 billion ($1.2 billion) loss in 2018 on ‘a deliberate and conscious decision by the previous management and board to defer announcement of losses for the years 2009-2016’, without identifying members of the management by name.

TAGS : Drake & Scull International

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