Hundreds of Arabtec staff said to have been fired after CEO departure

Shohidul Ahad-Choudhury, Arabtec's head of M&A, is reportedly one of many sacked since chief exec exit last week
By Staff writer
Sun 22 Jun 2014 07:29 PM

A senior Arabtec Holding executive has reportedly been fired in a shake-up following the resignation of CEO Hasan Ismaik last week.

According to Bloomberg which cited a person familiar with the situation, Shohidul Ahad-Choudhury, Arabtec's head of mergers and acquisitions, has been sacked

The former Deutsche Bank executive, was appointed to the role in March 2013 and also acted as financial advisor to Ismaik.

Based in Abu Dhabi, he was responsible for implementing the company's new strategy, mergers and acquisitions, joint ventures, and strategic financing activities.

Bloomberg also reported that hundreds of Arabtec employees have been fired since Ismaik's departure, citing three sources, adding that calls to Ahad-Choudhury’s personal mobile were not returned.

A spokesman for Arabtec declined to comment on the dismissals when contacted by Bloomberg.

At the time of his appointment at Arabtec, Ahad-Choudhury was said to have advised on over $45bn of transactions for top tier clients including IPIC, Aabar, Oman Oil, SABIC, Equate and the UK Government.

Ismaik, who abruptly resigned from the company last week, said on Thursday he had no plans to sell his 28.85 percent stake.

Ismaik left Arabtec's board on Wednesday, resigning as chief executive at the same time, and ending a tumultuous few weeks for the company in which its shares plunged and major shareholder Aabar Investments cut its stake. The selling dragged down the entire Dubai stock market.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.