{"id":52229,"date":"2017-04-19T01:21:01","date_gmt":"2017-04-18T18:21:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=52229"},"modified":"2017-04-18T23:34:31","modified_gmt":"2017-04-18T16:34:31","slug":"arabtec-pursuing-cases-against-former-management-says-chairman","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-pursuing-cases-against-former-management-says-chairman\/","title":{"rendered":"Arabtec pursuing cases against former management, says chairman"},"content":{"rendered":"


\nThe Arabtec Holding chairman Mohamed Al Rumaithi said that the company had instigated legal proceedings against former members of the company’s management team who have been accused of misappropriating company funds.”Everyone working in senior management and middle management who did not do their duties for the sake of Arabtec will be in court,” Mr Al Rumaithi told shareholders at the company’s annual general meeting on Tuesday.He did not name any individuals, nor the sums involved. “I don’t have figures. Just trust us. Be sure that we will ask for your rights,” he said.At the meeting shareholders approved a Dh1.5 billion rights issue, part of a recapitalisation plan, through which the company will extinguish Dh4.6bn in accumulated losses.Mr Al Rumaithi said that since he had been appointed as chairman in May 2015, all of its major projects have been loss making.”There is no project that we took which has been making profits. The previous reports [accounts] were wrong. We set up a committee and we visited all of these projects to make sure that everything is correct,” he said.He added that the recapitalisation plan was the best way forward for the business.”The easiest thing was for us to close it. But we are trying to make profitability. We care about the shareholders. Not only the main ones,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Arabtec pursuing cases against former management, says chairman<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Arabtec Holding chairman Mohamed Al Rumaithi said that the company had instigated legal proceedings...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-52229","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dAp","jetpack-related-posts":[{"id":45098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan\/","url_meta":{"origin":52229,"position":0},"title":"Arabtec gains regulatory approval for capital restructuring plan","date":"February 22, 2017","format":false,"excerpt":"\r Arabtec Holding's chairman Mohamed Al Rumaithi has said that its proposed recapitalisation programme \"will provide the foundation for building a successful and sustainable future for the group\".The company has gained approval in principle from regulators for the recapitalisation, which will see it undertake its second rights issue in four\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45102,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-gains-regulatory-approval-for-capital-restructuring-plan-2\/","url_meta":{"origin":52229,"position":1},"title":"Arabtec gains regulatory approval for capital restructuring plan","date":"February 22, 2017","format":false,"excerpt":"\r Arabtec Holding's chairman Mohamed Al Rumaithi has said that its proposed recapitalisation programme \"will provide the foundation for building a successful and sustainable future for the group\".The company has gained approval in principle from regulators for the recapitalisation, which will see it undertake its second rights issue in four\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-may-break-even-this-year-return-to-profit-in-2017-says-chairman\/","url_meta":{"origin":52229,"position":2},"title":"Arabtec may break even this year, return to profit in 2017, says chairman","date":"April 20, 2016","format":false,"excerpt":"\r \r Loss-making Dubai contractor Arabtec may break even in 2016 and should return to profit the following year, the company's chairman said on Wednesday.Arabtec made a loss of Dh2.35 billion in 2015, which it blamed on rising costs and tough market conditions, with the Gulf construction sector entering a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-may-break-even-this-year-and-return-to-profit-in-2017-says-chairman\/","url_meta":{"origin":52229,"position":3},"title":"Arabtec may break even this year and return to profit in 2017, says chairman","date":"April 20, 2016","format":false,"excerpt":"\r \r Loss-making Dubai contractor Arabtec may break even in 2016 and should return to profit the following year, the company's chairman said on Wednesday.Arabtec made a loss of Dh2.35 billion in 2015, which it blamed on rising costs and tough market conditions, with the Gulf construction sector entering a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51544,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capital-restructuring-will-allow-arabtec-to-focus-on-long-term-prospects-says-chief-executive\/","url_meta":{"origin":52229,"position":4},"title":"Capital restructuring will allow Arabtec to focus on long-term prospects, says chief executive","date":"April 11, 2017","format":false,"excerpt":"\r Arabtec Holdings's chief executive, Hamish Tyrwhitt, has said that he is confident the capital restructuring programme, for which the company will seek approval from shareholders next week, will allow the group \"to capitalise on the positive long-term outlook for the construction and engineering sector in our key geographic market\".\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43923,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-in-dh1-5bn-rights-issue-as-full-year-losses-widen\/","url_meta":{"origin":52229,"position":5},"title":"Arabtec in Dh1.5bn rights issue as full year losses widen","date":"February 13, 2017","format":false,"excerpt":"\r Arabtec has announced a Dh1.5 billion rights issue in an attempt to pull the beleaguered Burj Khalifa builder out of the red after the company announced widening annual losses on Monday morning.In a statement to the Dubai Financial Market Arabtec said it was planning its second offering in three\u2026","rel":"","context":"In "Property 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