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Former CEO of PIF-baked developer Roshn David Grover is suing the company for USD 100 mn in unpaid bonuses and contractual earnings, the Financial Times reports. The case, filed in Riyadh, claims wrongful termination and unpaid performance-related bonuses, tied to Vision 2030 targets. The appeal will be reviewed in court later this month.
The Riyadh-based developer defended its decision to terminate Grover’s contract, citing a conflict of interest over him allegedly renting his own apartments in France to company executives for a Cannes conference, the FT added, citing people it says are familiar with the situation. Grover later denied the claim was later denied by Grover, who said that the move was approved as a cost-saving measure.
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Neom’s CEO change is also continuing to make the rounds. The foreign press is looking at the Kingdom’s evolving approach to mega-projects, including potential downscaling of the futuristic city amid a widening budget deficit. The PIF company tapped Aiman Al Mudaifer as its acting CEO, after its longtime CEO Nadhmi Al Nasr stepped down with no stated reason. The story got ink in the Wall Street Journal, Financial Times, Reuters, and the Guardian.
Neom is also getting ink from Reuters, which looks at the status of the mega project’s completion plans, quoting a handful of sources as saying that sports will be a key priority moving forward.
