UAE conglomerate Al-Futtaim has overhauled the management of one of Saudi Arabia’s largest retailers, where 17 former executives have been accused of corruption. The UAE firm, which bought a nearly 50% stake in AFG International last year, said it was appointing Sameer Jain as CEO of the business. It follows the announcement by the Saudi market regulator last month that it had referred 17 unnamed people, including current and former AFG board members and a CEO, to the public prosecutor for suspected crimes including “creating a false and misleading impression” of the company’s value.
Al-Futtaim said in a statement to Semafor that the alleged crimes predate its investment and it is supporting the investigation. AFG was previously known as Cenomi Retail and, along with sister company Cenomi Centers, was established by Saudi billionaire Fawaz Alhokair — one of many senior figures held in the Ritz Carlton hotel in Riyadh during a 2017 corruption crackdown.