Key facts
- Dame Jayne-Anne Gadhia is set to become the next chair of the Financial Reporting Council (FRC) in September.
- Gadhia also serves as a director for the real estate development firm Innovo Group.
- Innovo Group is currently facing a criminal investigation in the United Arab Emirates.
- The investigation involves allegations of a scheme to cripple a rival firm, ASGC Group.
- Gadhia stated the matters predated her appointment and that her focus is on strengthening governance.
- The FRC and a government spokesperson have supported Gadhia's appointment and disclosed interests.
Dame Jayne-Anne Gadhia, who is slated to become the next chair of the Financial Reporting Council (FRC) in September, also sits on the board of the real estate development firm Innovo Group, which is currently facing a criminal investigation in the UAE. Gadhia's appointment to the FRC, the UK's accounting watchdog, was announced last month, with her set to succeed Sir Jan du Plessis.
During her confirmation hearing, Gadhia faced scrutiny from the Parliamentary business and trade committee regarding her ability to manage the FRC chair role alongside seven other board and chair positions. The committee ultimately concluded she possessed the necessary competence and qualifications, though it stopped short of an outright recommendation.
Innovo Group, headquartered in London with operational hubs in Dubai and Abu Dhabi, disclosed in June at the High Court that individuals and entities associated with it are under criminal investigation in the UAE. This disclosure came during a dispute with the Emirati construction firm ASGC Group. Gadhia joined the Innovo board on January 1, 2026, and stated that the matters under investigation substantially predate her appointment, emphasizing her focus on supporting and strengthening the company's governance.
ASGC Group has filed a lawsuit in the English High Court against Innovo corporate entities and four individuals, alleging they developed and executed a scheme called the 'Innovo Plan' while serving as senior managers at ASGC. The claimants accuse the defendants of crippling ASGC's business through unauthorized, conflicted self-dealing, including hijacking IT systems and data. ASGC is seeking extensive relief, including declarations that Innovo holds hijacked companies and diverted funds on constructive trust, as well as compensation and damages. Innovo and its entities, along with Bishoy Azmy, are being defended by magic circle law firm Linklaters, while other defendants have retained separate legal counsel.
An FRC spokesperson affirmed Gadhia's significant leadership and governance experience and stated her external appointments were appropriately disclosed. A government spokesperson reiterated that her appointment followed the proper public appointments process and highlighted her strong combination of experience.