EXCLUSIVE: I'm not in jail, says ex Deyaar chief

Former CEO Markus Giebel speaks for first time since leaving Dubai developer.
EXCLUSIVE: I'm not in jail, says ex Deyaar chief
FORMER CEO: Ex Deyaar chief Markus Giebel.
By Damian Reilly
Mon 12 Apr 2010 10:51 AM

Former Deyaar CEO Markus Giebel on Monday hit back at rumours he was sacked over a conflict of interest with a management consultancy firm he owns called Vedera Capital.

“Vedera was fully disclosed to the board. I have sole proprietorship, and I have owned the company since seven or eight years, way before Deyaar. I am only the chairman of Vedera, not the CEO, and I didn’t do any business with Vedera since I was at Deyaar,” he said.

There has been increased speculation in the past few days that his role at Vedera had led to his dismissal and that Giebel was also being questioned by authorities.

“No, no, no, no. I haven’t been questioned at all. No, nothing. Of course if they would like to I am more than happy to answer, but there has been no questioning whatsoever...I am not in prison, I am driving my car to Abu Dhabi,” he said.  

According to its website, Vedera Capital is a management consulting firm with divisions for Strategic Advisory, Real Estate, Industries and Financial Services.

Giebel - whose departure from Deyaar was announced to financial markets in a statement on Thursday which said he had been “dismissed” - said he had not been sacked, but had left the company by mutual consent.   “It was a mutual decision, different times call for different talents. I have no bad feeling towards Deyaar, the management there is good, and the board is experienced. It is too early to say what I will do now, but I have had various offers. I think the first thing I will do is have some time off,” he said.

Giebel added he had very much enjoyed his time with Deyaar, which he joined in August 2008.

“I am leaving Deeyar in a very healthy position. I was bought in before the crisis and now we have got through the crisis. Now I am looking forward to the next challenge.”

Giebel’s predecessor as Deyaar CEO Zack Shahin is currently in prison awaiting trial on charges of embezzlement and fraud.

Deyaar reported a net profit of $8.17 million in 2009, a 95 percent decline compared to the $178.4 million reported in 2008.

Giebel said in a previous interview that eight projects were handed over in 2009.

Prior to his departure, he said the Dubai based real estate developer would continue to focus on the completion of the consolidation of its projects and timely collections of its receivables in the UAE.

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