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Wed 12 Jun 2019 11:04 AM

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Drake & Scull board to meet to name new chairman

Former chairman Obaid bin Touq submitted his resignation in May

Drake & Scull board to meet to name new chairman
DSI reported a net loss of $1.23 million in 2018, having surged from a loss of $321 million the previous year.

Embattled Dubai-based contractor Drake and Scull International (DSI) will meet on June 16 to discuss a new chairman to replace Obaid Bin Touq, the company said on Tuesday.

Bin Touq submitted his resignation in early May along with another board board member, Khamis Buamim.

According to DSI, the board will also appoint a member to the firm’s audit committee. It will also look into the work of the committees.

DSI reported a net loss of $1.23 million in 2018, having surged from a loss of $321 million the previous year. In April, the firm said it was confident in its restructuring plans and negotiations with banks to help restore operations.

DSI’s auditors have accused the firm of withholding information and access to PwC’s working papers to review its opening balances in the statement of accounts.

The audit committee formed in May is meant to examine both past and present decisions taken by DSI’s board of directors, management and external auditors.

It also inspects financial reports shared by the company and all information submitted to shareholders in the period before and after 2017.

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