Middle East Economic Survey

VOL. LIII

No 36

6-Sep-2010

Former CEO Sues TAQA, Seeking $460Mn In Damages

An alleged Enron-like accounting scheme raises questions about UAE transparency and corporate governance. The case against TAQAs US subsidiary further weakens confidence in investing in the Gulf.

Abu Dhabi National Energy Companys (TAQAs) former CEO, Peter Barker-Homek, is suing the company in a US court seeking $460mn in compensation and damages. The suit alleges he was forced out after trying...