A former chief executive of Saudi real estate giant Roshn is suing the PIF-backed company for more than $100m, according to a Financial Times report.
David Grover, who left Roshn in April of this year, claims he is owed more than $100m in unpaid bonuses said the FT report.
Grover was appointed as the Group CEO of Roshn in 2020 and helped oversee the firm’s massive real estate development plans in the kingdom. Throughout his tenure, Roshn focused on increasing homeownership rates, improving living standards in Saudi Arabia, and reinventing the communities of the future.
Former Roshn boss ‘suing Saudi real estate developer’
However, according to the FT report, he claims his employment was terminated unfairly when he was due bonuses and other payments.
No reason was given for Grover’s departure from the PIF-backed real estate giant in April, but reports now claim he was dismissed over “an alleged conflict of interest” over rental properties in France.
Roshn is backed by the Public Investment Fund and is one pillar of Saudi Arabia’s ambitious Vision 2030 plan, which aims to transform the kingdom’s economy and prepare it for a post-hydrocarbon future.
Prior to his role at the Saudi firm, Grover served as the Board Director of Mace Group in the UK. His LinkedIn currently reads “Globally recognised Real Estate Leader.”
Citing unnamed people familiar with the legal case, the FT said Grover is claiming he is owed unpaid bonuses for hitting performance targets and wages tied in to a contract due to run until 2029.
Roshn aims to help the kingdom hit 70 per cent home ownership and is creating vast suburbs for more than 2.2m people as well as building infrastructure projects, including schools, hospitals and entertainment facilities.
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