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September 16, 2009

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Dubai firm sues French boss of submarine unit

A FRENCH businessman who made headlines with his story of escaping Dubai under cover of darkness using scuba gear is being sued by his former employer for conspiracy to commit fraud and breach of contract.

In a suit filed in US District Court in Florida, Dubai World claims Herve Jaubert overcharged the state-owned conglomerate, and illegally amassed more than US$31 million in debt as head of the company's submarine business.

Jaubert denied the charges and vowed to fight the suit when reached by phone yesterday in Florida, where he lives with his family.

Jaubert was hired by Dubai World in 2004 to head Exomos, a subsidiary producing luxury recreational submarines based on similar work he had been doing in Florida. Dubai World alleges that during his time with the company, Jaubert siphoned money through supply deals linked to a firm he and his wife owned called Seahorse Submarines International.


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