Dubai court orders Drake and Scull ex-CEO, official to pay Dh152-million compensation
Drake and Scull International (DSI) reported on Wednesday that the Dubai Court of Cassation has granted DSI an appeal against its former CEO Khaldoun Rashid Tabari and Saleh Muraweij.
As reported on Dubai Financial Market, where it is listed, the judgment ordered both men to pay the company Dh151.97 million as "compensation for the material and moral damages" and legal interest of five per cent from the date the judgment is entered into force until its payment in full.
Both executives pay it in cash or in multiples.
The Dubai-based building company explained that the Court of Cassation’s ruling is final, final and irreversible. The firm claimed it already started enforcing the sanctions to recoup the compensation paid.
Just this week, DSI — an engineering and procurement contractor for mechanical, electrical and plumbing (MEP) — entered into a partnership with Egypt’s El Amar Group to explore and cooperate on major projects in Egypt and Saudi Arabia.
"As this matter is settled, DSI will move forward to concentrate on expanding operations, developing new projects and adding value to shareholders," DSI said in a statement following the decision of the Dubai court.
Drake and Scull stock was up 1.38 per cent at the market opening on Wednesday to Dh0.365 per share, the most active stock in early trade.
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