Drake & Scull is yet to come up with turnaround plot
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DUBAI: Drake and Scull International (DSI) said on Tuesday its board will meet on June 16 to discuss the election of a new chairman.

On May 7, former chairman Obaid Bin Touq submitted his resignation. The board will also appoint a new member to the audit committee to replace the resigned member. The board will also review the work of the committees.

On April 30, DSI, which reported a massive 2018 loss resulting in negative equity, expressed confidence in its restructuring plans and negotiate with banks and help restore operations.

DSI has been in the eye of storm after the company posted a fourfold jump in net loss in 2018, thereby eroding its equity. The auditor also made stinging accusations that the company withheld information and were not given access to PwC’s working papers to review the opening balances in the statement of accounts.