Spot on BM. (Feels weird writing that!)
The Elephant in the corner wearing the dishdahsa, that no one to date has commented on, is the political / managerial manouvering and infighting that is behind all of this.
Sultan is, I think we can all agree, a fairly astute businessman, and when things are going smoothly not a bad egg.
However his rise to the top created enemies (or competition depending on your perspective) along the way, and non more so than his number 2 at DPW. "Jamal the Hutt"! To whom I will return ...
Exomos was conceived as part of a long term business plan, a bit whacky by the usual rule of thumb, but nothing ventured nothing gained, eh? (Luxury Living and Accessories)
At the time personal submarine building businesses around the world could probably be counted on the fingers of two hands, and Herve was already building subs when he was approached back in the early 00's, that's quite key because if as the Plaintiff claims
"Jaubert fraudulently induced Dubai World to hire him as CEO of this new business by falsely representing himself as an expert in the design and construction of submarines" they will have to prove that Herve committed a fraud that induced Dubai World to appoint him as CEO of Exomos.
So what was that fraud ...
He was building subs made of toilet paper that he "alleged" were seaworthy?
Did he print up a Submarine Design Degree from the Submarine University of Atlantis on his computer?
Did he misrepresent the status or performance of his business in Florida?
Was there nothing more than a passing nod to due dilligence, if so then whose fault is that, buyer or seller?
There are countless more question as to what this fraud might have been, but is there not a more leading question buried in there ? Do you expect anyone to believe that it took 3 - 4 years to rumble this alleged fraud.
Come on, get real.
Dubai World WAS and still IS awash with accountants and auditors with nothing to do but "invent" fraud allegations and "investigate" them in the background, it's their stock in trade.
No one employee gets to f4rt without prior approval and the relevant form filled out in triplicate.
Truth is, when it surfaced (excuse the pun) from the investment company that held the financial reigns, that this incubator company with a $50 million budget was unlikely to see any returns before 2010, the decision was taken to pull the plug on it, with the approval of Sultan. Basic economics.
That was before any allegation of fraud was made. Chicken and egg, and in this instance the decision to cut this underperforming investment was made BEFORE any allegation of "wrongdoing" were levelled at Herve.
Problem was though, this coincided with events playing out in the International Markets. Suddenly Jumeriah Village South and Palm Jebel Ali started to look like white elephants (it's him in the corner again !!) and money got tight. So, certain characters used this as an ideal opportunity to make a bid for power themselves, by "taking a pop at the Chairman" and those who he had personally brought within the cover of Dubai World. see ref: "Jamal the Hutt"
Herve's case was not the only stick that was used to beat down Sultan and relieve him of elements of his business empire, but thanks to photo's of diving gear under abaya's and the book, it's without doubt the most public.
Herve's case is not the only one currently in court in the US, the UK and the UAE. There are a great many out there who are fighting similar concocted allegations, but chose to do it privately.
Kudos where its due, Herve has chosen to actually demonstrate what transparency means -
Everything, warts and all, out in the open for all to see and discuss. There is not one of us that is infallible and yes, sometimes he can come across as arrogant and bull headed, but come on, (Slap him) he's French
With regards to the article posted by UAEKid - WestLaw - Dubai still has Paris, I LMAO about how
"he began a scheme to extort money from Dubai World by seeking millions is payments to "bury" the publication of a book, Escape from Dubai."Anyone who knew Herve would testify to the fact that the day he first put pencil to parchment, that book was going to be published come hell, high water or lunatic financial offer and here's something the Emiratis WILL understand, it's about a code of honour that they breached, on a personal level.