Deal agreed for UAE and Qatari assets of collapsed contractor | ZAWYA MENA Edition:
The liquidator of collapsed contracting business Joannou & Paraskevaides (Overseas), which owned stakes in a range of contracting businesses across the Middle East, has agreed sales of interests in companies in the UAE and Qatar, but its beleaguered Saudi Arabian arm which owed hundreds of millions of riyals to its workers is now being wound up.
Joannou & Paraskevaides (J&P) (Overseas) was placed into liquidation in November after the business “faced significant liquidity issues and was cash flow insolvent”, liquidators Alvarez & Marsal told Zawya in November.
The company's operations were hampered due to a dispute between the founding Joannou and Paraskevaides families, according to a Forbes story in November last year. J&P (Overseas) employed 957 people directly, all of whom were laid off, but its subsidiaries employed more 16,000, the liquidators said.
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