Drake and Scull International (DSI) on Wednesday said that the Dubai Court of Cassation has issued a ruling in favour of the company against its former CEO Khaldoun Rashid Tabari and Saleh Muraweij.
Photo: AFP file used for illustrative purposes
In a statement posted on Dubai Financial Market, where it is listed, the judgment obligated both individuals to pay the company Dh151.97 million as “compensation for the material and moral damages” along with legal interest at the rate of five per cent from the date the judgment becomes final until full payment is made.
The two executives can pay the amount jointly or severally.
The Dubai-based construction company added that the Court of Cassation's rule is final, binding and no longer subject to appeal.
The company said it had already initiated enforcement procedures to recover the awarded amounts.
Earlier this week, DSI - which specialises in contracting services for mechanical, electrical, and plumbing (MEP) - signed an agreement with Egypt's El Amar Group to explore and collaborate on key initiatives across Egypt and Saudi Arabia.
“With this matter resolved, DSI is eager to focus its efforts on strengthening operations, pursuing new projects, and delivering value to its shareholders,” it said in a statement after the Dubai court's verdict.
Drake and Scull shares rose 1.38 per cent at the opening of the markets on Wednesday, trading at Dh0.365 per share and becoming the most active stock in the early trade.
Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that dir...