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Qatar Stadium Builder Cimolai Seeks New Capital After Bad Forex Bet

  • Derivatives turned sour after euro dropped against dollar
  • Firm claims contracts signed without knowledge of top managers
The Al Bayt stadium at sunrise in Al Khor, Qatar.

The Al Bayt stadium at sunrise in Al Khor, Qatar.

Photographer: David Ramos/Getty Images

Engineering company Cimolai SpA is weighing a capital increase to boost its finances after millions of euros of currency derivatives turned sour.

The company, which built a stadium set to host the inaugural match of the FIFA World Cup next month, said in an emailed statement that it entered the derivative contracts without the knowledge of Cimolai’s chairman and top management. Lazard Ltd. is now reviewing the whole portfolio and may renogotiate or challenge some of these contracts, the firm said.