There are new developments in the J&P Overseas saga in Riyadh, with the Cypriot company solidifying its leadership following an internal and legal battle that now appears to be over.
Executives Efthyvoulos and Leoni Paraskevaides are taking over and pumping cash into the company, in order to pay employees in Riyadh and Cyprus who were left unpaid for months.
This comes after a recent court ruling that put an end to a long and protracted battle within J&P, which came to light last year when Kathimerini Cyprus broke the story on financial difficulties within the Saudi Arabia branch.
Leoni is preparing her visa for Riyadh, where she is expected to enforce the payment of unpaid staff and reset course for the Cypriot company
A few months ago, a bitter division within J&P pitted executives against each other, with one drawing on the company’s old glory to save the company from financial dire straits while another pointing to mismanagement and threatening to take legal action.
Outgoing executive director Andreas Papathomas had previously vowed to do whatever necessary in a letter response to employees back in March, assuring them that management would do anything possible to fix the problem including selling company assets.
In a letter dated 25 April, parts of which were published by Kathimerini, Papathomas was calling for the sale of the company’s share in Queen Alia airport in Jordan.
But the move was challenged by Christos Ioannou, who represented the Joannou family in the J&P Group (Joannou & Paraskevaides) that has 20% participation in the BOT (build–operate–transfer) concession.
The court ruled against Papathomas, according to Kathimerini, essentially forcing him out along with three company senior staff including the country manager for Saudi Arabia, all of whom were handpicked by Papathomas.
Knews understands that Leoni Paraskevaides is preparing her visa documents to visit Riyadh, where she is expected to enforce the payment of unpaid staff and reset course for the Cypriot company.