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\ We did nothing wrong,\ says MMG\ s Adel Al-Mojil.

Adel Al-Mojil, one of three Mohammad Al-Mojil Group (MMG) executives to receive prison sentences, has released a statement protesting his innocence.

Speaking in a video shared exclusively with Construction Week , Adel Al-Mojil, son of MMG's founder Mohammad Al-Mojil, said that he and his father have been scapegoated, and that they did "absolutely nothing wrong".

Adel and Mohammad Al-Mojil were each sentenced to five years' imprisonment in June 2016, following a long-running legal battle with Saudi Arabia's Capital Market Authority (CMA).

Imposed by the CMA's Committee for the Resolution of Securities Disputes (CRSD), Messrs Al-Mojil and one other MMG executive received custodial terms for misrepresenting the contractor's value.

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However, the Al-Mojil family strongly deny any wrongdoing, claiming that they have been scapegoated for wider problems facing the kingdom's construction market.

Commenting in his latest statement, Adel Al-Mojil said: "I feel compelled, seeing the issues now faced by Saudi Oger, [Saudi Binladin Group] and others, to speak out about what happened to my family company, MMG.

"We were saying loudly five years ago that there is a very serious issue in the construction industry and, sadly, nobody listened. Nobody wanted to listen.

"Because of that, the sector today finds itself in an even worse position. Perhaps today, it is time for us to learn from some of the mistakes of the past."

In his video address, Adel Al-Mojil said that MMG enlisted the "the best international advisors", and sought assistance from government, regulators, and banks in the wake of the global financial crisis.

He continued: "MMG, and particularly my father and I, have been scapegoated in this process. We did absolutely nothing wrong."

To view Adel Al-Mojil's video statement in full, click here .

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Publication:Construction Week
Date:Sep 25, 2016
Words:298
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