UK construction group chaired by Lord Hammond accused of fraud

By the Editorial Team · Wednesday, June 24, 2026

A UK-based construction firm, Innovo, chaired by former Chancellor Lord Hammond, is accused by Dubai conglomerate ASGC of fraudulently acquiring assets and staff from ASGC to establish its business. The dispute, now before the High Court, raises important questions about corporate governance and insider misconduct in the international construction sector.

A UK-based construction company chaired by former Chancellor Lord Hammond of Runnymede faces allegations of fraud in a High Court dispute involving a Dubai conglomerate. The dispute centers on claims that Innovo, a London-headquartered firm, originated from an unlawful scheme to acquire assets and personnel from its rival, ASGC.

ASGC, a major construction group founded in 1989 and known for significant projects such as upgrading Dubai International Airport and developing the largest library in the Arab world, accuses Innovo of “gutting” its business by improperly transferring key assets and resources. According to court filings, ASGC alleges that Innovo’s founding members, who previously held senior management positions at ASGC, exploited their roles to divert substantial parts of ASGC’s operations—including IT systems, documents, company data, and other materials—into the Innovo enterprise.

The founders of Innovo, established in 2020, include Abdulaziz Bin Shafar, Bishoy Azmy, and Mariam Azmy, all of whom formerly worked for ASGC. Bishoy and Mariam Azmy are members of a family holding minority shares in ASGC, while Bin Shafar is related to another shareholder. Alongside them, construction engineer and former ASGC executive Sameh Fam is also named as a defendant in the civil case.

ASGC is seeking the return of its assets and information, as well as compensation for damages it claims to have suffered as a result of the alleged actions.

Innovo, which reports managing over 130 projects and maintaining offices in Dubai, Abu Dhabi, Toronto, Cairo, Luanda, and Riyadh, has not publicly detailed its response to the allegations. The company’s board is chaired by Lord Hammond, who served as the UK Chancellor of the Exchequer from 2016 to 2019 and has been listed as a director of Innovo Holding.

The legal proceedings continue to develop, with both sides presenting competing narratives regarding the origins and operational conduct of Innovo. The case highlights complex cross-border issues involving corporate governance, intellectual property, and insider relations within the construction industry.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.