Drake & Scull's main investor dismisses ex-CEO's claims
Tabarak Investment says no truth to Khaldoun Tabari’s claim about winning in court
Dubai: It’s now the turn of Tabarak Investment Co. - the primary shareholder in Drake & Scull International - to counter the charges put out by Khaldoun Tabari, former CEO.
“Khaldoun Al Tabari’s claim that Tabarak owes him millions of dollars as ruled by a recent Dubai Court judgment is totally false,” said a statement issued by Tabarak, which pumped in Dh500 million to acquire a stake in DSI in 2017.
“The truth is that the Dubai Court ruled in favour of Tabarak, sentencing Al Tabari to pay Tabarak a total of Dh105,624,199, plus 9 per cent daily penalties from the date of the legal claim until full payment is executed, charging him for all litigation-related fees and expenses, as well as ordering the provisional seizure of Khaldoun’s properties in the UAE.
"Previous charges filed by Al Tabari against Tabarak were dismissed by the DIFC court."
Battle-lines drawn
On Wednesday, Al Tabari, who is in Jordan these days, issued a statement on Wednesday directly targetting the current management at DSI... and by, extension, Tabarak. He said: “Drake & Scull’s management witnessed a clear lack of strategy since Tabarak’s entry as a strategic partner. The company had expelled and replaced five CFOs and CEOs in less than two years and has since been unable to effectively manage the company and its resources, which led to the departure of a significant number of key executive and technical staff members and the inevitable breach of contracts with numerous clients, causing significant financial losses and further liabilities.”
Gloves are off
In its rejoinder, Tabarak notes that it had refrained in “past months from issuing any statements or press releases regarding its investment in DSI. But the rumours circulated recently by Khaldoun Al Tabari, who is being pursued by judicial authorities in the UAE and abroad, have prompted us to issue this statement in order to set the record straight and ensure that justice prevails.
“Tabarak confirms that DSI is managed by a highly qualified and experienced board of directors working independently and without any supervision from Tabarak.”
"Tabarak reserves the right to pursue all available legal means to demand compensation for any material or moral damages deriving from any statement or actions against the managers or employees of our company."
The current management DSI had filed criminal complaints against Al Tabari and family members, alleging misuse of company funds and other misdemeanours. Following this, an alert was sounded by UAE authorities and Al Tabari was detained at Jordan’s international airport last month.
His passport was subsequently confiscated. Extradition requests by been put forth by the UAE authorities, according to market sources.