Saudi contractor Abdullah A M Khodari and Sons Co (Al Khodari) has announced the appointment of a new CEO, effective today (Thursday) after the company saw project withdrawals worth $265 million.

Eng Ali Hussain Al Busaleh’s appointment was confirmed in a statement to the Saudi Stock Exchange Tadawul, and follows the announcement of an investigation into the responsibility of the previous board of directors and executive management.

The investigation came after the news that 10 previously awarded government contracts worth SAR 994.05 million ($265million) had been withdrawn from the company. 

According to information on Tadawul’s website, no quarterly reports appear to have been filed by Al Khodari since 2018.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@refinitiv.com

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