Former Dewey boss Davis resurfaces as CEO of Emirate investment office
Steve Davis, the former chairman of collapsed law firm Dewey & Leboeuf, has resurfaced as acting CEO to the Investment and Development Office of the government of United Arab Emirate Ras al Khaimah.
January 03, 2014 at 07:07 AM
2 minute read
Steve Davis, the former chairman of collapsed law firm Dewey & Leboeuf, has been appointed as acting CEO to the Investment and Development Office of the government of United Arab Emirate Ras al Khaimah.
It has also been reported that Davis (pictured) has signed an agreement with the emirate's ruler, Sheik Saud bin Saqr Al Qasimi, making him the top legal adviser to the government of the UAE's fourth largest emirate.
Former chief executive Jim Stewart is understood to have resigned on medical grounds.
The Investment and Development Office is charged with implementing Ras al Khaimah's economic policy and managing its credit rating along with the government's investments and debt issuances.
The office also manages the provision of financial and legal advice to the government.
An energy lawyer by background, Davis led Dewey for almost a decade until it fell into administration in May 2012. Since then, he has faced potential criminal litigation. He has also settled with the Dewey estate exempting him from ongoing mismanagement claims.
Davis is seen by many former Dewey partners and watchers as having presided over a disastrous management policy which awarded guarantees to around a third of its 300-strong partnership, creating obligations the firm was unable to meet.
By 2011, around half of the firm's net income was committed to paying deferred compensation and pensions contributions, severely cutting available distributions and contributing to a string of partner exits.
In April 2012, Davis agreed to a $500,000 settlement with the firm's trustee and insurer over claims that bad management contributed to Dewey's high-profile collapse.
A settlement filing stated Davis "denies any wrongdoing on his part at Dewey" and that prior to bankruptcy, "he fulfilled his duties and at all times acted in what he reasonably believed was in the best interest of Dewey and its estate".
Davis' move is also of note as he came out as gay a number of years ago. As one of the seven Emirates, homosexuality is illegal in Ras al Khaimah, and there is no formal recognition of same-sex relationships.
A Ras al Khaimah spokesperson could not be reached when contacted yesterday.
Related: Our Lehman – the final days of Dewey
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