Printer Friendly

Taqa's former CEO files lawsuit for being forced out.

Summary: Barker-Homek is seeking at least $460 million in compensatory and exemplary damages

Abu Dhabi National Energy Co (TAQA) has been sued in a U.S. court by its former chief executive, alleging he was forced out last year for trying to stop "kickbacks, bribery, accounting fraud and corruption" at the energy firm.

Peter Barker-Homek was summoned into a meeting and presented with a "severance agreement", which is a one-sided agreement in which Barker-Homek agreed to step down as chief executive in October last year, according to the breach of contract lawsuit filed Aug. 27 in Detroit federal court.

Carl Sheldon, general manger of Taqa had forced Baker to sign the agreement or would be arrested and imprisoned, said the lawsuit.

"Worried for his life and the well-being of his family, Barker signed the severance agreement, thereafter he was harassed and lived in fear of a "knock" on the door by the police, received mysterious phone calls and was followed, until finally he and his family escaped to the safety of the US," said the lawsuit.

Barker-Homek is seeking at least $460 million in compensatory and exemplary damages. Taqa was not immediately available for comment.

Taqa which is 75 percent owned by the government of Abu Dhabi, and is one of the vehicles the emirate uses to invest oil money.

The firm owns assets in oil and gas production and power generation in the Middle East, North America, and the North Sea.

(Reporting by Amena Bakr; Editing by Dinesh Nair)

2009 Dubai Business | Kippreport. All Rights Reserved.

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2010 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Kippreport
Date:Sep 1, 2010
Words:265
Previous Article:Montblanc MeisterstE-ck Cover.
Next Article:Iraq hails sovereignty as US ends combat mission.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters