Drake & Scull International has told Dubai Financial Market (DFM) that the UAE-based EPC contracting company has won a major legal battle following the Dubai Court of Cassation’s rejection of all appeals against a prior appellate judgment in favour of the company.
The ruling upholds the decision requiring Khaldoun Rashid Tabari, the former CEO of DSI, and Saleh Muradweij to compensate the company with AED 151,979,857 ($48.38 million) for damages incurred.
The court added that a 5 per cent annual interest be applied until the full payment is made.
Following this definitive ruling, DSI has already initiated actions to recover the awarded amount. It has also secured attachments on the defendant’s assets, and additional measures have been implemented by the Abu Dhabi Public Funds Prosecution on the assets and funds of Tabari.
The company added: “This final judgment not only reaffirms DSI’s commitment to protecting its interests and shareholders’ value but also marks a turning point for the company. With this matter resolved, DSI is eager to focus its efforts on strengthening operations, pursuing new projects, and delivering value to its shareholders.”
In July last year, the Dubai Court of Appeal had ordered the two former employees to pay AED 152 million for material and moral damages.
Drake & Scull shares were suspended from trading in November 2018 due to excessive financial losses and reporting violations. The firm was re-listed last year in May after completing its restructuring and raising AED 450 million in capital increase and write-off accumulated debts.
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