Handshake not enough: UBS sued by deal-break Sheikh over hiring
25 June 2013
Financial services group UBS is facing a $21.4m (£13.9m) lawsuit in Dubai from a member of Kuwait’s ruling family who says the firm failed to follow through on a verbal agreement to hire him, Reuters reports.
Tue, 25 Jun 2013Financial services group UBS is facing a $21.4m (£13.9m) lawsuit in Dubai from a member of Kuwait’s ruling family who says the firm failed to follow through on a verbal agreement to hire him, Reuters reports.
Sheikh Meshal Jarah al-Sabah says UBS took him on in July 2009, agreeing a verbal contract, to help derail a French media firm’s bid to buy assets in a Kuwait telco operator, according to Reuters. UBS denies the allegation.
The Sheikh claims he was promised a fee of up to 0.2% of the value of a new deal, which involved UBS advising an Indian company who were acquiring the assets, after the initial deal collapsed.
The news agency says the case “highlights the complexity of doing business in the Gulf, where personal connections to high-ranking officials or executives are often valued in deal-making”.
For more on how one UK recruitment company has established itself in the region, see our June 2013 profile piece on Recruiter Award-winning Penta Consulting.
Sheikh Meshal Jarah al-Sabah says UBS took him on in July 2009, agreeing a verbal contract, to help derail a French media firm’s bid to buy assets in a Kuwait telco operator, according to Reuters. UBS denies the allegation.
The Sheikh claims he was promised a fee of up to 0.2% of the value of a new deal, which involved UBS advising an Indian company who were acquiring the assets, after the initial deal collapsed.
The news agency says the case “highlights the complexity of doing business in the Gulf, where personal connections to high-ranking officials or executives are often valued in deal-making”.
For more on how one UK recruitment company has established itself in the region, see our June 2013 profile piece on Recruiter Award-winning Penta Consulting.
