Jon Dale was managing director of Whessoe Oil & Gas between 2004 and 2010, and president of steel fabricator Cleveland Bridge UK from 2005 to 2010, both based in Darlington. He also had positions in several other companies in the Al Rushaid Group.
Al Rushaid has issued a statement saying that Mr Dale has withdrawn all claims made at the Newcastle Employment Tribunal.
His claims related to his dismissal in 2010 and were for breach of contract and unfair dismissal, and subsequent loss of income and bonuses.
Al Rushaid sold Whessoe Oil & Gas to Sumsung C&T in March this year.
Sheikh Rasheed Al Rushaid, vice chairman and president of the Al Rushaid Group, said: “Jon Dale’s withdrawal is good news, and vindication for us fighting what we thought were largely groundless claims.”
In a totally separate case, a long-running dispute between companies of the Al Rushaid Group and several former employees has reached a conclusion in the High Court, London. Al Rushaid said that the outcome represented "a complete victory for Al Rushaid, and a demonstration of the Group’s continuing commitment to counter corruption, and to pursue those who are party to it".
Lord Justice Floyd found that three former employees, Shekhar Dooma Shettty, Thomas A. Caplis and Dr James MacDonald Wight, received “secret commissions” paid by third party companies which “amounted to a breach of duties owed to Al Rushaid Parker Drilling”. All three individuals were said by the judge to have benefited from secret commissions paid by oil industry suppliers.