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Wed 1 Apr 2015 10:01 AM

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UAE's Al Jaber Group suspends CFO pending disciplinary action

Company has been negotiating to restructure the terms of its $4.5bn debt obligations since last June

UAE's Al Jaber Group suspends CFO pending disciplinary action

Abu Dhabi's Al Jaber Group, which restructured substantial debt last June, has suspended its chief financial officer ahead of disciplinary action, the conglomerate said on Wednesday.

Sam Deeb, the group's CFO was appointed in January 2014 and "has been suspended pending a disciplinary hearing," a company statement said without elaborating.

The group, whose main business is construction but also has interests in areas from retail to aviation, sealed a drawn-out debt restructuring agreement last June which is said to have set new terms on around $4.5 billion of obligations.

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