May 01 2012
|more articles from|
Businessman loses Dh7b lawsuit against property firm
Tuesday, May 01, 2012
Dubai: An expatriate businessman yesterday lost a Dh7 billion lawsuit against a local property development company.
The Dubai Commercial Court yesterday rejected the Iranian businessman’s civil lawsuit against the company, seeking Dh7 billion in compensation. The two sides have been involved in a commercial dispute since 2009.
He argued that he had made an agreement with one of the owners to establish the company in 2004 to obtain a licence to work and invest in a local industry.
The Iranian lodged his commercial lawsuit shortly after he was dismissed from the company and failed to resolve the commercial dispute with the defendants.
Advocate Samir Jaafar, who represented the owners, contended before the Commercial Court that the claimant failed to prove that the funds that were invested in properties belonged to him, and argued that the money belonged to the firm.
“My clients are the ones who paid the company’s capital and the expenses of its establishment. The claimant failed to provide the court with documents and evidence corroborating his claims about the defendants being sponsors only… it was proven that my clients were the ones who paid for the company’s capital and that the invested properties were bought under the company’s activities,” Jaafar told the court.
The businessman’s lawyer, Salem Al Sha’ali, told Gulf News he would appeal the ruling.
Advocate Jaafar further lodged a counter-lawsuit in which he demanded the businessman repay Dh465 million he took while managing the company. Presiding Judge Ashraf Atwa dismissed the counter lawsuit.
By Bassam Za’za, Legal and Court Correspondent
© Gulf News 2012. All rights reserved.
© Copyright Zawya. All Rights Reserved.