Gulfsands chief exec removed from top role

Caitlin Morrison
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OIL FIRM Gulfsands Petroleum has removed Mahdi Sajjad as chief executive after shareholder Waterford Finance and Investment alleged that the management had failed to build a viable business outside Syria.

The company said Sajjad will remain as a director of the firm, and has also appointed Alastair Beardsall as executive chairman.

Waterford, which owns around 26.5 per cent of Gulfsands, had also called for commercial director Kenneth Judge to be removed.

Shares in the company were down by 4.09 per cent yesterday.