Earlier in 2011, the now former SEO of Nakheel, Chris O’Donnell, filed a high-profile case in which he is claiming about AED13.5m (US $3.7m) in long-term incentive payments, plus interest and numerous other entitlements from his old employer. The former chief executive of the property giant presented the case to the Dubai World Tribunal this week.
During his five-year tenure that ended in June, Mr O’Donnell earned an annual salary of about AED4.8m (US$1.3m), according to various media reports. For the period of five years, the amount totals AED24m (US $6,5m).
Nakheel, right now is a government-bailed company, struggling on the recovery path. In September, the property developer wrote down AED78.6bn (US $21.4bn) from the value of its real estate during the Dubai debt crisis, which saw house prices fall more than 60 percent from their peak in 2008. The company made thousands of staff redundant, as it struggled to stem losses during the last three years.
Who is right: Nakheel, its former CEO or The Financial Crisis?
The Dubai World Tribunal’s decision was expected on Tuesday, but it won’t be announced until early 2012.
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