Small shareholders in Solidere mulling lawsuit against board on mismanagement grounds | Al Akhbar English:
"Solidere board members are making side profits from being part of companies that do business with Solidere, such as Bank Med and real estate developers, or subsidiary tourist enterprises established in a way that violates the laws related to the company’s scope of work. Small shareholders are disgruntled about this situation as well as the company’s financial results, and some plan to sue on mismanagement grounds.
Solidere insiders confirm that the company’s financial statements have intentionally overlooked the proposal by its board not to distribute dividends for 2013 profits. The insiders say that the board has used some figures to show a “rosy” picture and camouflage the company’s problems that have been there for years, and conceal the true financial priorities of the company, which only serve the interests of major shareholders that the board represents.
The members of the board share among themselves senior positions in companies created by Solidere, and are allowed to run companies that have a clear conflict of interest with Solidere itself, or work for banks that lend to Solidere."
'via Blog this'
No comments:
Post a Comment