Construction

Al Jaber Group suspends CFO ahead of ‘disciplinary hearing’

Sam Deeb was appointed as chief financial officer in January 2014 as conglomerate looked to restructure debt

PHOTO: Al Jaber is seeking to replace its debt with new loans on better terms. Credit: aljaber.com

Abu Dhabi’s Al Jaber Group has suspended its chief financial officer, Sam Deeb, ahead of a disciplinary hearing, the conglomerate said in a statement on April 1.

Deeb was appointed as CFO in January 2014 and it is known that the company is seeking to replace its debt with new loans on better terms.

In a brief statement, the company said that Deeb “has been suspended pending a disciplinary hearing.” It did not elaborate any further.

Al Jaber Group’s main business is in construction, but it also has interests ranging from retail to aviation. It has approached banks to refinance its debt with loans at a lower pricing and a longer duration, sources have said. Talks are still at initial stages and banks haven’t yet been mandated.

Last June, the group signed a debt restructuring agreement with banks, after being in negotiations for four years. The total debt was estimated at around $4 billion, which included $2 billion in loans and overdrafts, sources told Bloomberg in March 2013.

Lenders to the company include HSBC Holdings Plc, National Bank of Abu Dhabi PJSC, Abu Dhabi Commercial Bank PJSC and Royal Bank of Scotland Plc.

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