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Mon 12 Apr 2010 10:51 AM

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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.

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.

John 9 years ago

This guy wasn't fired for nothing, and until the facts are shared with the media and the public it would be wise for him to keep his trap shut. Part of his problem is his media profile was way greater than the sum of the parts, which no doubt his owners decided needed rectifying.

Rakesh bohra 9 years ago

He helped the DUBAI REAL ESTATE by doing CONSOLIDATION when it was really required.I ASSURE most people will STILL BUY DEYAAR products whenever DEYAAR launches any further DEVELOPMENT. HATS OFF to Mr MARKUS-who alongwith his BOARD and other TEAM MEMBERS took the initiatives and sorted out MOST INVESTORS troubles and I AM SURE ALL THE INVESTORS will STAY BACK with DEYAAR in GOOD TIMES. Since DEYAAR TOOK CARE of INVESTORS DURING DIFFICULT TIMES.Thanks to MR MARKUS-The DEYAAR BOARD and the TEAM members. As such in this WORLD- NOBODY can make EVERYBODY HAPPY at ALL TIMES,BUT I THINK MR MARKUS MANAGED 80-20(happy-sad) ratio.which is quite impressive. With regards to leaving a COMPANY,I think we all have to LEAVE one DAY or the OTHER so why CARE and bother ANYBODY. KUDOS MR MARKUS-SURE U WILL DO BETTER THAN WHAT U DID,since U listen to investors and also TAKE CARE OF THE COMPANY u WORK FOR. rgds Rakesh