Drake & Scull Probe Said to Find Ex-CEO Owing Up to $272 Million - Bloomberg:
An internal probe by Drake & Scull International PJSC into alleged violations by the previous management has concluded that former Chief Executive Officer Khaldoun Al Tabari and his daughter owe the contracting firm as much as 1 billion dirhams ($272.3 million), according to people with knowledge of the matter.
The amount exceeds the market value of the Dubai-based company, whose shares plunged about 70 percent this year -- the most among companies listed in Dubai.
Drake & Scull said last month that it had completed the probe and forwarded the report to authorities in the United Arab Emirates. The central bank asked lenders to freeze accounts belonging to Al Tabari and his family, citing an order by Abu Dhabi’s public prosecutor, according to a June 4 circular seen by Bloomberg News.
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