Dubai – Mubasher: Drake & Scull International’s (DSI) ongoing internal investigation into alleged violations by its previous management has revealed that its former CEO Khaldoun Al Tabari and his daughter, together owe the firm around AED 1 billion ($272.3 million), informed sources told Bloomberg on Monday.

This figure exceeds DSI’s total capital of AED 590.987 million.

Since the start of 2018, DSI’s shares have tumbled by as much as 70%, with around 30% in the last week alone.

“Drake & Scull said last month that it had completed the probe and forwarded the report to authorities in the UAE. The central bank asked lenders to freeze accounts belonging to Al Tabari and his family, citing an order by Abu Dhabi’s public prosecutor, according to a June 4 circular seen by Bloomberg News,” the news agency said.

DSI’s former CEO may face charges if UAE authorities decide to follow-up with their own investigation and reach similar conclusions, one of the people told Bloomberg.