{"id":15006,"date":"2019-11-10T09:02:00","date_gmt":"2019-11-10T09:02:00","guid":{"rendered":"https:\/\/onplan.ae\/dsi-commits-to-completing-investigation-against-former-management\/"},"modified":"2019-11-10T09:02:00","modified_gmt":"2019-11-10T09:02:00","slug":"dsi-commits-to-completing-investigation-against-former-management","status":"publish","type":"post","link":"https:\/\/onplan.ae\/ar\/dsi-commits-to-completing-investigation-against-former-management\/","title":{"rendered":"DSI commits to completing investigation against former management"},"content":{"rendered":"
\n

Dubai \u2013 Mubasher<\/strong>: Drake & Scull International<\/a>‘s (DSI) new management has committed to completing the current investigations into \u201cany offences committed by the previous management,\u201d DSI\u2019s chairman Shafiq Abdelhamid affirmed.<\/p>\n

The leading global construction engineering company confirmed that it will ensure that shareholders’ rights are completely protected, according to a statement on Wednesday.<\/p>\n

The Dubai-listed contractor has already submitted 15 criminal complaints <\/strong>against the previous management, members of the previous board of directors, in addition to some of their family members.<\/p>\n

These complaints are still being investigated by the competent authorities.<\/p>\n

In addition, a previous executive manager, who was also an executive board member, and one of his family have reportedly been banned from travelling<\/strong>, according to the statement that cited informed sources.<\/p>\n

Moreover, the authorities have ordered the freezing of the bank accounts<\/strong> of the executive manager and his wife and the seizure of properties registered under their names.<\/p>\n

\u201cWhile he is currently abroad with his family, he is still subject to ongoing investigations regarding the criminal complaints that were assembled by the experts and filed against him,\u201d the report noted.<\/p>\n

DSI also stressed that news reports about absolving the previous executive manager<\/strong> and one of his family members from their previous duties and liabilities by shareholders are completely \u201cincorrect<\/strong>\u201d and baseless.<\/p>\n

\"\"\"\"<\/p>\n

Hidden losses <\/strong><\/p>\n

During the 2009-2017 period, the company, under the previous management, incurred annual losses hidden from shareholders.<\/p>\n

DSI\u2019s losses rose from AED 939 million in 2015 to AED 1.396 billion in 2017, totalling AED 3.15 billion by 2017, equalling three times the company\u2019s total paid-up capital.<\/p>\n

These losses were attributed to \u201cthe previous executive management\u2019s failure to comply with corporate governance and transparency rules, and lack of proper managerial and financial standards,\u201d according to the fact-finding committee.<\/p>\n

SHUAA Capital has been appointed by the new management to support the company\u2019s restructuring plan and \u201cbring it back to profitability, and to contribute to the UAE\u2019s growth as well as add value for [its] shareholders,\u201d the chairman confirmed.<\/p>\n

In June, DSI\u2019s board of directors appointed Shafiq Abdelhamid as the new chairman<\/a>.<\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

\n

Dubai \u2013 Mubasher<\/strong>: Drake & Scull International<\/a>‘s (DSI) new management has committed to completing the current investigations into \u201cany offences committed by the previous management,\u201d DSI\u2019s chairman Shafiq Abdelhamid affirmed.<\/p>\n

The leading global construction engineering company confirmed that it will ensure that shareholders’ rights are completely protected, according to a statement on Wednesday.<\/p>\n

The Dubai-listed contractor has already submitted 15 criminal complaints <\/strong>against the previous management, members of the previous board of directors, in addition to some of their family members.<\/p>\n

These complaints are still being investigated by the competent authorities.<\/p>\n

In addition, a previous executive manager, who was also an executive board member, and one of his family have reportedly been banned from travelling<\/strong>, according to the statement that cited informed sources.<\/p>\n

Moreover, the authorities have ordered the freezing of the bank accounts<\/strong> of the executive manager and his wife and the seizure of properties registered under their names.<\/p>\n

\u201cWhile he is currently abroad with his family, he is still subject to ongoing investigations regarding the criminal complaints that were assembled by the experts and filed against him,\u201d the report noted.<\/p>\n

DSI also stressed that news reports about absolving the previous executive manager<\/strong> and one of his family members from their previous duties and liabilities by shareholders are completely \u201cincorrect<\/strong>\u201d and baseless.<\/p>\n

\"\"\"\"<\/p>\n

Hidden losses <\/strong><\/p>\n

During the 2009-2017 period, the company, under the previous management, incurred annual losses hidden from shareholders.<\/p>\n

DSI\u2019s losses rose from AED 939 million in 2015 to AED 1.396 billion in 2017, totalling AED 3.15 billion by 2017, equalling three times the company\u2019s total paid-up capital.<\/p>\n

These losses were attributed to \u201cthe previous executive management\u2019s failure to comply with corporate governance and transparency rules, and lack of proper managerial and financial standards,\u201d according to the fact-finding committee.<\/p>\n

SHUAA Capital has been appointed by the new management to support the company\u2019s restructuring plan and \u201cbring it back to profitability, and to contribute to the UAE\u2019s growth as well as add value for [its] shareholders,\u201d the chairman confirmed.<\/p>\n

In June, DSI\u2019s board of directors appointed Shafiq Abdelhamid as the new chairman<\/a>.<\/p>\n<\/p><\/div>","protected":false},"author":1,"featured_media":15007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[953],"tags":[],"class_list":["post-15006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-investments"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/posts\/15006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/comments?post=15006"}],"version-history":[{"count":0,"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/posts\/15006\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/media\/15007"}],"wp:attachment":[{"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/media?parent=15006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/categories?post=15006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onplan.ae\/ar\/wp-json\/wp\/v2\/tags?post=15006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}