Dubai: The former head of Drake & Scull International (DSI) on Wednesday refuted allegations that he owes any money to the construction company.

Khaldoun Al Tabari also refuted suggestions that he was guilty of any wrongdoing.

“I refute in the strongest terms any suggestion that I or my daughter owe Drake & Scull International any money at all, let alone the huge sums mentioned by some media outlets, and any suggestions that the previous management of DSI was guilty of any wrongdoing, impropriety, negligence, or incompetence,” said Khaldoun Al Tabari, who is the former chief executive officer of DSI.

Al Tabari said in a media statement that he will initiate libel claims against any unfounded news reports, which could have caused him “irreparable reputational damage.”

Al Tabari’s comments come two days after media reports said that an internal probe by DSI concluded that he and his daughter owe the Dubai-listed firm as much as Dh1 billion.

The reports cited unnamed sources with knowledge of the matter, but in its own statements to the Dubai bourse, DSI said that there are indeed “material financial violations for the previous management.” DSI did not disclose the value of the violations.

In his statement on Wednesday, Al Tabari said he acted “at all times in accordance with all legal, regulatory, and governance obligations.”