Incoming FRC chair sits on board of construction group facing criminal probe
The woman in line to become chair of the Financial Reporting Council (FRC) sits on the board of a company currently under criminal investigation, Morning Wire can reveal.
Dame Jayne-Anne Gadhia was named by the government last month as the next chair of the accounting watchdog and is set to take over in September when Sir Jan du Plessis retires.
She has already faced committee criticism over her heavy workload whilst seeking approval. The parliamentary Business and Trade Committee grilled Gadhia over whether she could realistically juggle her role as chair of the FRC alongside seven other board and chair positions. In its report, the committee concluded that she had the necessary competence and qualifications – but stopped short of outright recommending her.
One of Gadhia’s board positions is the real estate development firm Innovo Group, to which she was appointed director on 1 January 2026.
However, the group, headquartered in London but with operational hubs in Dubai and Abu Dhabi, is facing a criminal investigation in the UAE. According to legal documents seen by Morning Wire, the group disclosed at the High Court in June, in a dispute with the Emirati construction firm ASGC Group, that individuals and entities associated with Innovo are under criminal investigation in the territory.
Gadhia is not the subject of any legal proceedings.
For over 18 months before the English claim, at least 10 sets of overlapping civil and criminal proceedings have been ongoing in the UAE, brought against the group and individuals by ASGC Chair Mohamed Bin Shafar. In the court documents, the Innovo parties asserted this a long-standing, complex inter- and intra-family dispute centred in the UAE.
Innovo was established in 2020 by its founders, Abdulaziz Bin Shafar, Bishoy Azmy, and Mariam Azmy, former senior managers of ASGC.
Abdulaziz Bin Shafar, Bishoy Azmy, Mariam Azmy, and Sameh Samy Fam Khalil are also subject to travel bans imposed by the UAE public prosecutor, as the defence documents said: “Information was passed to the public prosecutor, which led to those individuals having travel bans imposed on them”.
Gadhia said: “The matters referred to substantially predate my appointment to the board of Innovo. I joined Innovo as a non-executive director with a particular focus on supporting and strengthening the company’s governance and my directorship was fully disclosed as part of the process leading to my appointment as FRC chair.”
An FRC spokesperson said: “Dame Jayne-Anne brings significant leadership and governance experience to the FRC. Her external appointments and interests have been appropriately disclosed and we look forward to welcoming her as chair. “
A government spokesperson said: “Dame Jayne-Anne Gadhia’s appointment was made following the proper public appointments process, and she brings a strong combination of entrepreneurial, commercial and public sector experience to the role. Dame Jayne-Anne has a proven track record in driving growth and championing high standards, which is why the Business Secretary believes she is the right person to lead the FRC and strengthen confidence in British business.”
The Innovo Group was approached for comment.
Along with the incoming FRC chair, Gadhia, former Chancellor Lord Hammond has also served on the Innovo board since 2022.
Family legal woes come to London High Court
The ASGC Group instructed law firm Hogan Lovells to file legal action in the English High Court against the Innovo corporate entities and four individuals, Abdulaziz Bin Shafar, Bishoy Azmy, Mariam Azmy, and Sameh Fam, in April 2026.
The lawsuit, according to its claimant, as seen by Morning Wire, alleged that the defendants, while serving as senior managers and directors with fiduciary duties to ASGC, secretly developed and executed a scheme called the ‘Innovo Plan’.
The ASGC claimants accuse the Innovo defendants of severely crippling ASGC’s business through unauthorised, conflicted self-dealing, including allegations of hijacking IT systems and data. ASGC is asking the English court for extensive relief, including declarations that Innovo holds the hijacked companies and the diverted funds on constructive trust for ASGC, and seeking compensation and damages.
Innovo, its entities, and Bishoy Azmy retained the magic circle law firm Linklaters to defend them. Abdulaziz Bin Shafar instructed Jenner & Block, and other defendants, Mariam Azmy and Sameh Samy Fam Khalil instructed Michcon de Reya.
In a directions hearing in June, the defendants argued that the claimants were artificially forum shopping by selectively omitting key family members from the English suit to create an impression of difference between the English and UAE cases.