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A board-member of storage and refinery company Brooge Energy Ltd has been detained in Fujairah while working on company restructuring, according to a Financial Times (FT) report.
Guy Wall, who is an executive of restructuring consultancy Alvarez & Marsal (A&M) and was appointed to the Brooge board in December, has since been released according to the report, which cited unnamed sources.
The oil storage company is Cayman Islands-based but operates in Fujairah. A&M was appointed in November to oversee the liquidation of BPGIC Holdings, the holding company that is the majority owner of Brooge.
The US Securities and Exchange Commission (SEC) last month charged Nasdaq-listed Brooge Energy and former executives Nicolaas Lammert Paardenkooper and Lina Saheb with fraud relating to misstated revenues between 2018 and 2021, according to information published on the SEC website.
In October, Dubai-based Gulf Navigation submitted a proposal to fully acquire Brooge Petroleum and Gas Investment Company from Brooge Energy.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
