Barakat affair hurts Thales' export opportunities
Thales CEO Patrice Caine's insistence on more stringent compliance has made it harder for the company to close export deals. [...]
French defence group Thales is being sued by its former agent in the Gulf, Nabil Barakat, in a bitter battle being played out in the US courts alongside a parallel arbitration between the two parties. Businessman Barakat, who is claiming more than $1 billion from the company, is hoping to scare Thales by playing the anti-corruption card which could have the feared U.S. Department of Justice (DoJ) on its case too.
According to our sources, French defence conglomerate Thales has sacked several key executives in the United Arab Emirates and other parts of the Gulf due to their alleged association with Nabil Barakat, a former agent who had sued the company. [...]
The battle between Thales and its former Gulf agent, Wamar International, is getting personal. Wamar boss Nabil Barakat's attacks are increasingly aimed directly at the French group's Middle East sales director Jean-Marc Budin. [...]