Former Deyaar CEO Markus Giebel on Monday hit back at rumours he was sacked over a conflict of interest with a management consultancy firm he owns called Vedera Capital.

“Vedera was fully disclosed to the board. I have sole proprietorship, and I have owned the company since seven or eight years, way before Deyaar. I am only the chairman of Vedera, not the CEO, and I didn’t do any business with Vedera since I was at Deyaar,” he said.

There has been increased speculation in the past few days that his role at Vedera had led to his dismissal and that Giebel was also being questioned by authorities.