Drake & Scull seals case against former management: Drake & Scull successfully finalized its case against former CEO Khaldoun Rashid Tabari and former managing director Saleh Muradweij, after Dubai’s Cassation Court rejected all appeals against a prior judgment to fine the former executives, according to a DFM disclosure (pdf).

The details: The fine amount includes AED 152 mn in damages, plus 5% interest from the date of the final judgment until the full payment is made. The former executives will pay the sum as compensation for the material and moral damages the company incurred under their management. The company initiated the process of recovering the amount, after securing attachments on assets belonging to the former executives.

REFRESHER- The real estate developer received the initial compensation ruling back in July from the Dubai Court of Appeal — it was pursuing claims exceeding AED 2 bn against its former management.

REMEMBER- The company completed its restructuring after raising AED 450 mn in a capital increase and writing off over AED 4.18 bn in debt, leading to the relisting of its shares on the DFM in May. This financial boost was followed by the company turning to the black in 3Q 2024.

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