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Drake & Scull sets up committee with banks

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Drake & Scull International (DSI), set up a committee with the bank that incorporates banks that have loaned money to the struggling businesses, to go through its “responsibility and to find solutions,” the company stated in a report.

Any solution like that will be approached by the committee to “support the permanence of operations and portfolio of investments.”

For the meantime, the troubled engineering corporation also promised complete cooperation with an external audit team that will supervise all of its financial reporting. This group was created by the regulator, the Emirates Securities & Commodities Authority, on last Thursday.

This committee rose after DSI reported Dh5 billion plus in losses. Moreover, it also showed a Dh4 billion and more gap amid its liabilities and sum of assets as of end 2018. In a follow-up report, DSI spoke about several inside investigations of its own in opposition to former board of directors and senior executives. A report suggested that the revelations were presented to the UAE Public Prosecutor, and that it was awaiting action from the authority.

In the latest statement, DSI said: “The company echoed that the announcement of 2018 results is part of its commitment towards its shareholders, investors and financial markets; and solidifies its commitment to transparency, responsibility and governance in line with the restructuring plan that was approved in the general assembly meeting that was held on April 8, 2019. The company thanks ESCA for its efforts and support for the restructuring plan which has already started.”

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