Abu Dhabi’s Al Jaber Suspends CFO Pending Disciplinary Hearing

Al Jaber Group, the family-owned Abu Dhabi company whose businesses span construction, engineering and shipping, said it suspended Chief Financial Officer Sam Deeb after about a year in the role.

“The Al Jaber Group announced today that the Al Jaber Group Chief Financial Officer Sam Deeb has been suspended pending a disciplinary hearing,” the company said in an e-mailed statement Tuesday, without giving further details.

Deeb joined Al Jaber in January 2014 as it was in talks with banks to renegotiate an estimated 15 billion dirhams ($4 billion) of debt, including about 7.5 billion dirhams of loans and overdrafts. The company signed a final restructuring agreement with banks in June.

Al Jaber is among several businesses in the United Arab Emirates that sought to rearrange loans after the global credit crisis in 2008 led to a crash in property prices. The company is seeking to replace its debt with new loans on better terms, people with knowledge of the matter said earlier this month.

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