An executive from consulting firm Alvarez & Marsal was detained in the United Arab Emirates while working to overhaul a Nasdaq-listed company that US authorities charged with fraud last month, according to people familiar with the matter.
Guy Wall, the managing director of A&M’s restructuring practice in Dubai, last month became a director of Brooge Energy Limited, a UAE oil storage company that had been plagued by financial reporting failings since listing in New York in 2019.
Wall and a colleague became directors after A&M was appointed in November by a Cayman Islands court to oversee the liquidation of BPGIC Holdings, the holding company that is the majority owner of Brooge.
The court appointed A&M as liquidators following a successful legal claim over unpaid debts from Bahrain-based investment firm Asma Capital.
Wall was detained this month by authorities in the UAE, the people said, as he was in the process of working out a plan to stabilise Brooge after the fraud charges from the US Securities and Exchange Commission.
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