Saturday, 17 October 2009

R.E.O shuts down operations

I’m back! (but maybe not for a long while)

I have been super busy lately. I feel I have no life anymore xD

For months I and my colleagues got the vibe that the company is not doing well. After getting this big project 4 months ago we forgot how bad the situation is and got caught up in work.

September 16, 2009: early Eid gift: The Mexican resigns after giving up on the directors in Dubai. They have been so unsupportive, so negative, so stingy, and worst thing: they keep lying over and over again.

September 26, 2009: The board of directors gets into a very long meeting discussing the resignation of the Mexican and the situation of the company. 3 possible solutions were proposed:

Appointing the COO to be the new CEO.

Appointing a new CEO from Dubai.

Closing down the company.

(Last option is the most likely option they will pick)

October 3, 2009: The directors send an auditor to check all company’s accounts and files. (can it get any more obvious??)

October 4, 2009: CFO flies down from Dubai to give us the hit: R.E.O decides to shut down all its operation due to negative liquidity and insufficient funds. This means that all employees are to be terminated from their jobs!

The news of the company shutting down operations wasn’t as shocking as the fact that the board decided to give us a pity amount as compensation. To be thrown in the streets jobless with so little money isn’t pleasant at all …

Thank god I saved enough money to survive and I have my family to back me up, but what about the others?? Some of my colleagues support 3 families, have couple of loans, and are struggling after the salaries cut. Is it humane to throw them in the street with only a month notice?

October 10, 2009: Chairman Sh. A.M. is back in Oman after a long business trip, TOTALLY unsatisfied with the compensation the directors gave to the employees. He got them to pay us 3 times what they previously promised us. I (and I’m sure all the employees) can’t thank him enough for his support =)

October 10, 2009 – present: Serving my notice period of 1 month, finalizing everything.

I think I can start a whole blog about this closure, probably make a movie out of it, but just wanted to share this part with whoever reads this blog.

I have already received 2 job offers that I need to study and will hopefully start by beginning of November.

End of blog entry…