Departed Dubai boss seeks air ticket home
Chris O’Donnell, the recently departed chief executive of the Dubai-based property developer Nakheel, is suing to seek $US3.7 million (AU$3.49 million) in lost incentives and entitlement fees, according to local court documents.
O'Donnell, who left Nakheel in June after five years, filed the lawsuit with the Dubai World Special Tribunal on June 22, citing a breach of contract, the Al Bawaba website reported.
He wants Nakheel to pay $3 million in long-term incentive payments he says were part of his employment contract, as well as interest on the unpaid incentive payments, worth $180,000.
The lawsuit also asks for payment of $290,850 for damages related to exchange rate losses, $180,000 in interest payments and $231,219 in salary-related claims.
The claim was lodged two weeks after he quit, which followed the conclusion of his contract.
O'Donnell, who earned 3.79 million dirhams ($965,000) a year as chief executive of Nakheel, is also seeking a business class airline ticket from Dubai to Sydney, where he has maintained a Hunters Hill residence, the documents showed.
Nakheel declined to comment on legal proceedings. O'Donnell and his lawyer were not immediately available to comment to Al Bawaba.
O'Donnell oversaw the delivery of the Palm Jumeirah and the man-made archipelago known as The World, but his last three years were spent guiding the company through a post-global financial crisis restructuring.
Nakheel announced O'Donnell's departure with a brief statement wishing him "all the best in his new endeavours".
The company has faced many legal battles as it struggles to finish a $US10.9 billion restructuring.
It has fought back with a series of claims against owners of islands on its world islands development, including one lawsuit against Kleindienst Properties which demands almost $200 million, according to a filing with the special tribunal.
Nakheel recently said it secured approval from 100% of banks and a required majority of trade creditors for its restructuring.
The builder of man-made palm-shaped islands said its restructuring would be completed with the issuance of Islamic bonds to its trade creditors.
Nakheel's potential $1.6 billion Islamic bond was delayed from June to July, two sources familiar with the matter advised Al Bawaba last month.
