The chief executive of Habtoor Leighton Group (HLG) who was arrested in Dubai this month has been released without charge.
His release coincided with the exit of Al Habtoor Holding from the joint venture construction company behind some of Dubai’s biggest projects.
JosÃ© Antonio López-Monis, the chief executive and managing director of the contractor was arrested on August 17.
His detention came to light after CIMIC Group, which has a 45 per cent stake in the contractor, issued a statement to the Australian Stock Exchange.
The company issued a second statement on Friday morning confirming Mr López-Monis has been released without charge.
At the same time CIMIC said it had 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.”
Mr Sadik is the current chairman of HLG who along with Khalaf Al Habtoor, founded Al Habtoor Engineering Enterprises in 1970.
No further details were released.