"Effective June 1, Simon Charlton joined Ahmad Hamad Algosaibi & Brothers Company (AHAB) as Chief Restructuring Officer and Acting Chief Executive Officer.
Charlton, formerly of Deloitte Corporate Finance in Dubai, will be accompanied by two colleagues. Ben Jones will serve as Chief Financial Officer, to be assisted by Raef El Hassan as Deputy Chief Financial Officer. The new executive team will oversee all aspects of the company's operations and management.
In 2009, the company retained Charlton, a managing director of Deloitte, as a senior financial adviser. A subsequent Deloitte investigation of AHAB's financial position uncovered evidence that it was the victim of a massive fraud, in which Maan Al Sanea used forged documents, among other methods, to borrow from banks and financial institutions to fund a global Ponzi scheme."
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