Shutterstock/Kirill Neiezhmakov

Moves Results

Drake & Scull dismisses CEO, CFO as it reports $1.23 billion loss

  • share this article

The Board of Directors said that the company will be managed by an executive committee until replacements have been found.

Sunday 28, April 2019 BY KUDAKWASHE MUZORIWA

Dubai-based Drake & Scull International has fired its chief executive officer, chief financial officer and chief legal officer as the contracting and engineering firm posted a record loss.

In a bourse filing, Drake and Scull stated that the Board of Directors approved and ratified to terminate the services of group CEO Tawfiq Abu Soud, CFO Khaled Jarrar and Chief Legal Officer Mohamed Ghanem.

Drake & Scull, which was been suspended from trading since November, said its loss widened to AED 4.5 billion dirhams from AED 1.18 billion last year.

Additionally, the company’s revenue slumped to AED 798 million compared to AED 2.64 billion last year.

TAGS : Drake & Scull International

print this article