Dubai-based contractor Drake & Scull said charges have been brought against its former chief executive Khaldoun Tabari in his home country of Jordan.
Felony fraud charges were brought by the public prosecutor in Amman against Mr Tabari, his daughter Zeina and a third former company employee, Saleh Mustafa Muradweij, for "buying, selling, or managing moveable and immoveable state or public authority funds", the company said in a statement to the Dubai Financial Market.
A misdemeanour charge of fraud and breach of trust has also been brought against Mr Tabari and his daughter during the period where they managed Drake & Scull in the UAE, the statement said.
The charges against the pair include "squandering sums of money and appointing an external legal advisor without approval from the company’s board" and paying exaggerated fees to advisers.
Mr Tabari told The National there "are many things that are wrong" in the company's statement.
The case has been brought as a consequence of requests to extradite the former executive last year, which was dismissed in local courts, he said.
Under a treaty to which the UAE and Jordan are signatories, if an extradition request is turned down by either country, an entity seeking charges in one jurisdiction can bring them in another.
The three charges have a total monetary value of Dh14 million ($3.8m) and are part of the 15 claims the company brought to the UAE's federal prosecutor in 2018, Mr Tabari confirmed.
The Jordanian charges relate to payments to consultants linked to three projects – its One at Palm Jumeirah joint venture and two schemes in Saudi Arabia – that Mr Tabari said were contemporaneously approved by the majority of the board's nine directors.
The charge relating to the appointment of a legal adviser, which the company said was not authorised by the board, was done so with the approval of internal and external legal counsel and its chairman, Mr Tabari argued.
Drake & Scull said hearings have already taken place at the criminal court in Amman in the presence of Mr Tabari. Both Ms Tabari and Mr Muradweij did not attend hearings and warrants have been issued for their arrest, according to the company.
"Neither my daughter, or Mr Muradweij are available in Jordan," Mr Tabari said. He will attend court hearings as expected, he added.
"My position remains the same. I have served the company with the highest integrity and and will continue to defend myself as I have done for the last two and half years," he said. He argued that he is being used as "a scapegoat" by the company's current executives to justify its plight.
Mr Tabari headed Drake & Scull from 1998, overseeing its flotation on the Dubai stock market in 2008 and remaining at the helm until August 2016, when he stepped back after former Arcadis Middle East head Wael Allan was appointed as chief executive to lead a restructuring.
Mr Allan oversaw a capital reorganisation plan, which led to Dh1.7 billion of company shares being cancelled to expunge historic losses and Tabarak Investment coming in as a strategic investor with a Dh500m capital injection. He was dismissed by DSI in August 2017.
However, the company did not rebound and losses continued to mount. Its shares were suspended in November 2018 and by the end of last September its accumulated losses reached Dh4.88bn.
Drake & Scull is now in a formal restructuring process and has been working on a plan that was due to be presented to creditors last month.
The five pillars of Islam
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Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
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Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- 600-seat auditorium
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Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
