Drake & Scull Secures AED 152M Legal Victory
Drake & Scull International PJSC wins a significant legal battle, securing AED 152 million, paving the way for a promising future.
Summary
Drake & Scull International PJSC (DSI) has won a landmark legal case, securing AED 152 million. This victory enables DSI to focus on new projects and shareholder value.
In a significant legal triumph, Drake & Scull International PJSC (DSI) has secured a final court judgment worth AED 152 million. The Dubai Court of Cassation has rejected all appeals against a prior appellate judgment, mandating Mr. Khaldoun Rashid Tabari, the former CEO, and Mr. Saleh Muradweij to jointly compensate DSI for damages incurred.
This ruling, including a 5% annual interest from the date it becomes final until full payment, marks a pivotal moment for the company. DSI has already initiated enforcement actions to recover the awarded amount, securing attachments on the defendants’ assets. Additional measures have been implemented by the Abu Dhabi Public Funds Prosecution on Mr. Tabari's assets and funds.
DSI's legal victory signifies a turning point, allowing the company to refocus its efforts on strengthening operations and pursuing new projects. As a market leader in delivering state-of-the-art projects across sectors like electromechanical, engineering, and construction, DSI is poised for growth.
With this legal hurdle resolved, DSI can now concentrate on delivering value to its shareholders. The company's commitment to innovation and efficiency positions it well for future success. Investors might find this an opportune moment to consider DSI as a potential addition to their portfolios.
Given the positive resolution of this legal matter and the company's strategic focus on growth, the recommendation is to buy DSI shares. The company's solid foundation and promising future prospects make it an attractive investment choice.
Source
Summary
Drake & Scull International PJSC (DSI) announced a legal victory as the Dubai Court of Cassation upheld a previous judgment requiring former CEO Khaldoun Rashid Tabari and Saleh Muradweij to jointly compensate the company AED 151,979,857, plus 5% annual interest until full payment. DSI has begun enforcement actions to recover the amount and secured attachments on the defendants' assets. The ruling supports DSI's efforts to protect its interests and shareholder value, allowing the company to focus on strengthening operations and pursuing new projects. DSI is a global leader in delivering projects across sectors such as electromechanical, engineering, and construction for water, power, and oil and gas, with a history of over 135 years.
