Gulfsands Cash Crunch

London-listed independent Gulfsands is struggling to raise the cash to continue having ousted long-time CEO Mahdi Sajjad last month. Mr Sajjad is now threatening the company with legal action.

In theory the firm’s key asset is the 10,300 b/d-capacity Block 26 in Syria, where it long benefited from Mr Sajjad’s close connections with the ruling Assad family. But the acreage in the northeast of the country is now beyond the control of Damascus, and likely to stay that way (MEES, 20 March).

Mr Sajjad was ousted by activist investors Waterford Financial. Waterford says that Mr Sajjad remains a director but a 20 May statement from new Waterford-appointed Chairman Alistair Beardsall adds that “Mr Sajjad has elected to treat his employment contract terminated on 8 May and claims certain payments are now due.” (CONTINUED - 384 WORDS)