Related parties transactions under Lebanese law (with comparative references to the UAE Law)

Saba K. Zreik, Chief Legal Officer, Future Pipe Industries Group Limited, DIFC-Dubai, UAE

A man cannot serve two masters. One will invariably take a free ride at the expense of the other. A company manager is the custodian of his company’s assets. He is morally and statutorily required, not only to protect these assets, but moreover to fructify them and enhance the company’s value. Unfortunately, some unscrupulous managers and/or controlling shareholders tend to have their own personal interest prevail over the interest of the entity they manage and/or control, by reverting to self-dealing transactions that enrich them and impoverish their company.

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UAE Related Parties Transactions Industry March 2009 Vol. 2, No. 6, Winter 2009

Saba Zreik

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Saba K. Zreik Born 1952; Lebanon. Married, 3 children Education: 1975 Lebanese Licence of Laws; St. Joseph University, Beirut. 1975 French Licence of Laws; St Joseph University, Beirut. 1978 Diploma of the Institute for International and Foreign Trade Law: Georgetown University; Washington D.C, U.S.A. 1979 Master of Comparative Law: Georgetown University Law Center; Washington D.C., U.S.A. 1983 Financial Management Programme: INSEAD, Fontainebleau, France. 2004 Phd Candidate : Paris II (France)-St. Joseph University Law School (Beirut), Joint Program. Languages: Arabic, French and English Papers/Thesis: • Conversion of a Saudi Limited Liability Company into a Joint Stock Company (1977) • Choice of forum clauses in Private International Law Contracts (1979) • Delaware close corporation and the French SARL (1980) • Derivative Contracts (1995) • Doing Business in or with Lebanon (1995) • Conventions Réglementées en Droit Comparé (Liban–France–USA): Doctoral thesis currently under preparation Professional Background: 1976-1978 House Counsel of The Saudi Arabian Amiantit Company Ltd, Dammam, Saudi Arabia. 1979-1980 International Counsel of Owens Corning Fiberglas Corporation, Toledo, Ohio, U.S.A 1981-1983 House Counsel of Amiantit Middle East S.A.L., Beirut, Lebanon. 1983-1984 House Counsel of Amiantit Management AG, Zurich, Switzerland. 1985-1999 President of Manal Consultancy AG, Zurich, Switzerland (own Professional Consultancy firm) 1994-1998 Associate for the Lebanon of Fox & Gibbons, Solicitors, UK 1996-2005 Correspondent of Hale and Dorr LLP - Counsellors at Law, USA 1996-todate Chief Legal Officer-Company Secretary of Future Management Holdings SA, Luxembourg. 2008-todate Chief Legal Officer-Company Secretary of Future Pipe Industries Group Limited, DIFC-Dubai, UAE 1997-todate Member of the Executive Committee of Makhzoumi Foundation 1998-todate Chairman-CEO of Future Security SAL, Beirut Legal Counsel and Member of the Board of Directors of a number of companies and NGOs operating in the USA, Europe, the Far East and the Middle East. Affiliations: Member of the Offshore Institute, USA Member of the American Philatelic Society, USA Vice-Chairman of the National Dialogue Party, Lebanon

Future Pipe Industries Group Limited

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Future Pipe Industries is the global leader in the large-diameter fiberglass pipe industry, developing, manufacturing and supplying pipe systems to a broad range of markets around the world. Headquartered in Dubai, FPI’s operations include 10 factories and a global network of sales offices across four continents. Future Pipe Industries’ executive management and strategy is managed by the Board of Directors. The day-to-day management of the company is conducted by an international management team with a strong track record.

UAE Related Parties Transactions Industry March 2009 Vol. 2, No. 6, Winter 2009
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