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Outgoing Gulfsands CEO Mahdi Sajjad. Image courtesy of Syria-oil.com.

Shareholders of Gulfsands Petroleum have called for the removal of five directors including CEO Mahdi Sajjad.

Waterford Finance and Investment, a UK-based investment group that holds a 26.5 stake in Gulfsands, called for Sajjad and commercial director Ken Judge to be fired.

Abdul Rahman Kayed, the company’s second largest shareholder, also requested the removal of non-executive chairman Andrew West and independent non-executive directors John Bell and James Ede-Golightly, Reuters said.

Waterford said last month that it was “deeply frustrated” with UK-based Gulfsands’ reluctance to expand outside of Syria as well as the company “recklessly” spending cash while its Syrian operations are suspended due to sanctions, Reuters said.

Gulfsands will convene a single general meeting in January to address the requested removals.

Waterford had asked for Sajjad and Judge to be fired last month after the group asked Gulfsands to reconsider a $20 million convertible loan facility the company received from UK-based Arawak Energy.

“The board is not able at this stage to express a consensus opinion on the subject matter of the meeting but will make its views known in the notice convening the meeting,” Gulfsands said.