Arab Today, arab today first day in court for exceo of nakheel
Last Updated : GMT 06:43:35
Arab Today, arab today
Arab Today, arab today

First day in court for ex-CEO of Nakheel

Arab Today, arab today

Arab Today, arab today First day in court for ex-CEO of Nakheel

Dubai - Arabstoday

The former CEO of Nakheel was back in the spotlight Monday on the first day of a tribunal that will decide if he should receive as much as $3.7m in pay and benefits following his departure from the indebted Dubai developer in June. Chris O’Donnell, who has accused the state-owned firm of breach of contract, is seeking $3m in long-term incentives, alongside sums related to damages, currency fluctuations and interest. Nakheel, which wrote down $21.4bn of real estate assets when Dubai’s property market collapsed, yesterday told the tribunal that O’Donnell had breached his duties to the company by leaving before his five-year contract expired. Among the claims made by lawyers acting for Nakheel were that O’Donnell acquired a luxury Palm Jumeirah villa at a price below market value, and withheld the information from the firm. He was also accused of ignoring company procedures when making changes to the redundancy packages given to employees, including giving refunds to staff for properties they had contracted to buy from Nakheel, lawyers said. Nakheel had initially argued that the tribunal does not have jurisdiction to hear the case and that the dispute should be brought before the Ministry of Labour. O’Donnell dismissed any allegation of any impropriety in the acquisition of the villa. “I paid a price which I thought was fair and market value,” he told the tribunal.   The former CEO also outlined the circumstances of his departure from Nakheel in June of this year, after five years at the helm of the developer. O’Donnell told the tribunal a decision was made not to extend his AED400,000 ($110,000) per month deal in June of this year, ahead of the expiration of his fixed five-year contract on June 16. The court heard an email was circulated by Nakheel on June 8 noting the contract would not be extended and that O’Donnell was placed on ‘gardening leave’ for the remaining time. But O’Donnell told the tribunal that he had resigned from subsidiary groups of Nakheel – not from his position as CEO of the company – and had completed his five-year term, entitling him to full benefits.    Nakheel’s chief commercial officer Mr Aqil Khazim was asked by O’Donnell’s counsel, Mohammed Zaman QC, whether a document suggesting the Australian had resigned from the company was “not true”. Khazim said; “It was a mistake. It may have been overlooked. I can’t say yes or no as to whether he was dismissed. It [his contract] ended.” Nakheel, which was carved out of parent company Dubai World in June, has seen a flurry of lawsuits against it following the collapse of Dubai’s property market in late-2008. The property developer is engaged in at least 12 legal cases relating to The World, including one lawsuit against Kleindienst Properties that demands almost $200m in unpaid installments and delay fees. Nakheel said in September it wrote down AED78.6bn ($21.4bn) from the value of its real estate during the Dubai debt crisis, which saw house prices in the city fall more than 60 percent from their peak. The company made hundreds of staff redundant as it struggle to stem losses. Former Nakheel General Counsel David John Nicholson last August won a AED752,000 ($205,000) ruling against the developer after his role was terminated with a month’s notice. The O’Donnell case will be seen as a bellwether for other outstanding employee disputes against Nakheel, an associate at legal firm Davidson & Co said earlier this month. “A good outcome may lead to more cases been taken by ex-employees of Dubai World, Nakheel’s parent company,” the associate said. The law firm is overseeing some 30 cases against the developer, including O’Donnell’s dispute.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today first day in court for exceo of nakheel Arab Today, arab today first day in court for exceo of nakheel

 



Arab Today, arab today
Arab Today, arab today US, Britain ban laptops on flights

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Hezbollah commander killed by own men

GMT 07:43 2017 Wednesday ,22 March

Hezbollah commander killed by own men
Arab Today, arab today Tunisian media host praises her new experience

GMT 12:35 2017 Wednesday ,15 March

Tunisian media host praises her new experience
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Palestinian police wage war

GMT 07:53 2017 Friday ,17 March

Palestinian police wage war
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 14:17 2017 Monday ,20 March

Cholesterol-slashing drug not impair brain

GMT 17:08 2017 Saturday ,18 March

Reveals secrets of tourism flights to space

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday