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The Dubai Court of Appeal has ordered the former CEO and one other employee of contractor Drake & Scull (DSI) to pay AED 152 million ($41 million) for material and moral damages.
Former CEO Khaldoun Tabari and ex-DSI employee Saleh Muradwejj are now subject to a ruling by the court that they are jointly and severally liable to pay the company the amount along with legal interest at the rate of 5%, from when the date the judgment becomes final until full payment is made.
In a Dubai Financial Market (DFM) disclosure, DSI said the judgment is subject to appeal, but added that it has already initiated enforcement procedures and has previously secured attachments on assets belonging to the defendants.
The Public Funds Prosecution, Abu Dhabi, has imposed attachments on funds and assets belonging to Khaldoun Rashid Tabari, the disclosure concluded.
In 2021, Tabari, who holds a Jordanian passport, was acquitted of charges relating to his time at the head of the Dubai contractor by Jordanian courts.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
