Dubai’s Drake & Scull registers lawsuit towards PricewaterhouseCoopers

“It was revealed that PWC violated the authorized accounting requirements,” mentioned the corporate. “And displaying it within the budgets all through the earlier 12 months’s interval and by exaggerating the corporate’s monetary place.

“The knowledgeable’s report confirmed that the corporate incurred complete losses for earlier years amounting to Dh5.50 billion.”

Drake & Scull, at one time among the many largest names within the UAE and Gulf development sectors, has been going by way of an especially making an attempt part since 2018, when it was first revealed that the corporate had failed to obviously state the extent of losses sustained by way of the years.

At the moment, the corporate runs the chance of going right into a court-order liquidation.