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

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.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Kelly

As a Public Limited Company, why have we not got Full details of what is going on here. If this was a FTSE company the silence of the Chairman and Board Directors would be a sign that something is imploding internally.

Posted by: CRASH !!!!!!!!

Is this some sort of a roller coaster ride in the stock market.
Without strong fundamentals, how can the market react like this ?? SPECULATION SPECULATION & SPECULATION !!!!!!

Posted by: MMM

what i see happening next is the company being cut into a million pieces and sold out. a tragic end to Riad Kamal legacy!!

Posted by: James Marshall

The plot thickens !! I can't wait for the climax !!!
The share prices of Arabtec are taking a beating too on DFM.

Posted by: ramdar

Resigning , firing or sacking such kind of greedy people does NOT solve the problem.
Such unethical / nonprofessional greedy people who take advantage of their posts and misuse the power entrusted to them must be dragged by police to court houses and charged with fraud+ embezzlement+ theft+ bribery+ unethical and nonprofessional acts according to law .
Hope such kind of people will be stripped off of their possessions and assets (which they came to own due to their own so called "stupid illegal" acts) and DEPORTED out UAE to the miserable villages in their own home countries irrespective of their nationalities.

All comments are subject to approval before appearing

Further reading

Features & Analysis
Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

The troubles at Saudi Oger have led to a cash crunch and layoffs...

Abandoned in Saudi desert camps, migrant workers won't leave without pay

Abandoned in Saudi desert camps, migrant workers won't leave without pay

Plight of workers has alarmed their home countries and drawn...

4
Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Discussed
sponsoredTracking