An arrest warrant that was issued recently for ex-Hydra Properties boss Sulaiman Al Fahim was cancelled yesterday, a Dubai Courts official told 7DAYS.
The warrant was issued last Thursday by the Dubai Properties Court for the previous public figurehead of Hydra and former Ports-mouth FC owner, in relation to a property dispute worth $2.3 million, according to media reports.
When a property development due to be carried out by Al Fahim's company, Al Buraq Development and Investment failed to go ahead, an Azerbaijani investor that had put $2.3 million into the project sued the company and Al Fahim.
The Dubai Property Court ordered Al Fahim to repay the investor and also a nine per cent daily penalty.
An official yesterday confirmed that the court had dropped the arrest warrant for Al Fahim, who is currently in Moscow.
The court has given Al Fahim one month to pay the whole debt or face another warrant.
Al Fahim hit back at the warrant yesterday telling Arabian Business: "I am not running away from this, I am in Moscow and am actually here as part of an official UAE delegation promoting the chess industry.
My lawyers are currently handling the matter and I am positive it will be resolved very soon.
"Look, I am the victim, I am innocent. I believe in the UAE judiciary system led by His Highness Sheikh Mohammed. I know that it is a fair system, one I have great faith in, and that I can clear my name," he added.
© 7Days 2010
