Habtoor exits HLG as CEO walks after Dubai arrest
HLG parent company Cimic Group said José Antonio López-Monís has been released without charge, adding that Al Habtoor Holding is set to exit the HLG joint venture
The CEO and managing director of Habtoor Leighton Group (HLG), who was detained in Dubai earlier this month, has been released without charge.
José Antonio López-Monís was detained by police in Dubai on 17 August, and has been released "without bail or any other conditions".
HLG's parent company, Cimic Group, confirmed the development in a statement on its website.
"López-Monís has not been charged with any offence," the company statement continued.
In a separate announcement, Cimic Group also revealed that the UAE's Al Habtoor Holding has exited the HLG joint venture.
"Cimic Group announces it has entered into a binding agreement with its two joint venture partners in HLG which will enable one of the shareholders, Al Habtoor Holding LLC, to transfer its shares to another partner Riad Al Sadik, subject to execution of final documentation," the company said in the statement.
Cimic Group, which owns a 45% stake in the HLG joint venture, will retain its ownership in the contracting firm.
According to the statement, Sadik co-founded Al Habtoor Engineering Enterprises in 1970 and has been a director of HLG since its inception in 2007.
"As a result of the change in ownership, a strategic review of the HLG business will commence," the statement added.