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Mon 7 Sep 2020 11:50 AM

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Dubai's Drake and Scull appoints new CEO as shake-up continues

Appointments are part of company's organisational and financial reorganisation plan

Dubai's Drake and Scull appoints new CEO as shake-up continues

Dubai-based Drake & Scull International has appointed a new CEO and CFO.

Munir Mansour has been named CEO and Peter Lalor takes over as CFO of the company, according to a posting to the Dubai Financial Market (DFM).

The appointments are the latest in a string of job announcements at the troubled contractor. In April last year, Tawfiq Abu Soud resigned as CEO after just four months into the role, while in July 2019, Saed Saabneh was named Group CFO. It is unclear from the statement when he exited the role.

Drake & Scull appoints new CFO

Former CFO Mohamad Ghanem was laid off from the company in April

Shafiq Abdul Hamid, chairman of the board of directors, said: “They join us at a critical time as we proceed with finalising the organisational and financial reorganisation plan. We are confident that their extensive experience and highly relevant skillsets will enable us to re-establish DSI as a leading MEP contractor in the region.”

According to the statement to DFM, an application for its financial reorganisation process to be conducted under the supervision of the Financial Reorganisation Committee (FRC) – a body set up in 2018 under the UAE’s bankruptcy law – was accepted in May.

The statement added: “This acceptance marks a significant development towards achieving a successful financial reorganisation of DSI. The FRC’s role is to facilitate the financial reorganisation through consensual agreement with the DSI’s creditors in an out-of-court process.”

Further to the appointment of Aaronite Partners FZ LLC as the FRC expert, DSI has formally initiated a process to allow all relevant creditors to register claims with them.

Dubai's Drake & Scull hits back at former CEO's claims

Contracting major says statement issued by Khaldoun Tabari 'lacks credibility and is not supported by evidence'

DSI is currently pursuing legal action against former CEO Khaldoun Tabari, amid allegations of embezzlement and fraud – charges which Tabari previously claimed are “unwarranted commercial claims and not criminal complaints”.

Drake & Scull turns a profit after years of losses

DSI turned a net profit of AED262 million ($71.3 million) compared to over AED5 billion in losses in 2018

After years of losses, DSI turned a net profit of AED262 million ($71.3m), according to its audited financial results for the year ended December 2019, compared to over AED5 billion in losses in the same period last year.

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