Drake & Scull Former CEO Tabari Denies Owing Firm Any Money
Drake & Scull Former CEO Tabari Denies Owing Firm Any Money
(Bloomberg) -- Khaldoun Al Tabari, the former chief executive officer of Drake & Scull International PSG, denied he or his daughter owed the Dubai-based construction company any money, saying they acted at all times in accordance with the law and the interest of the company.
Drake & Scull said on Wednesday that its previous management committed “material financial violations” that are under investigation by the United Arab Emirates’ authorities.
Earlier this week, Bloomberg reported that an internal probe by Drake & Scull into alleged violations has concluded that Al Tabari and his daughter owe the contracting firm as much as 1 billion dirhams ($272.3 million), according to people with knowledge of the matter.
“I refute in the strongest terms any suggestion that I or my daughter owe Drake & Scull International PJSC (DSI) any money at all,” Al Tabari said in the statement.
Al Tabari, who stepped down as CEO in 2016, also denied any “suggestion that the previous management of DSI was guilty of any wrongdoing, impropriety, negligence or incompetence.”
“I was given no opportunity to respond to the supposed internal investigation by DSI,” he said.
A Drake & Scull spokesman didn’t respond to a phone call and messages seeking comment after business hours on Wednesday.
--With assistance from Layan Odeh.
To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net
To contact the editor responsible for this story: Alaa Shahine at asalha@bloomberg.net
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