Nakheel has revamped its corporate governance and business practices after reporting a Dh76.6 billion (US$20.85bn) loss in 2009, according to a bond prospectus sent to investors.
While not specifically mentioning past problems, the company's filing acknowledges a wide range of issues addressed by management, offering an unusual glimpse at the inner workings of the developer behind some of Dubai's biggest projects, including Palm Jumeirah and The World.
The changes include limiting the ability of executives to make financial commitments of more than Dh10 million without the approval of the board of directors and a new public tender process for awarding construction contracts. Nakheel executives could not be reached for comment on details of the report.
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