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Dubai's Drake eyes legal action against former management execs

Drake and Scull International says a committee has concluded its investigation into the conduct of previous management
By Sam Bridge
Thu 07 Jun 2018 01:51 PM

Drake and Scull International (DSI) has announced that a committee has concluded its investigation into the conduct of former management executives.

The company said in a statement on Dubai Financial Market that all detected violations committed by DSI’s previous management have been included in a report .

It added that the report has been handed to the competent government authority to initiate legal procedures.

The contracting giant said that it will keep shareholders updated with any new developments.

Drake & Scull International, which has recently completed the restructuring of its corporate general bank debt in the UAE, said that it returned to profit in the first quarter of 2018.

The company said it made a net profit of AED7 million compared to a net loss of AED839 million in the first quarter of 2017.

DSI said its total project backlog stood at AED5.4 billion, supported by the AED305 million worth of projects secured primarily in its home market since January 2018.

In January, DSI announced that it had successfully completed the restructuring of its corporate general bank debt in the UAE.

The company said that it has also secured new credit lines and working capital facilities for its ongoing and new projects portfolio.

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Last Updated: Thu 07 Jun 2018 01:54 PM GST

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