Nov 04 2009 |
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Dubai court freezes Dh4b of Tameer funds
Wednesday, Nov 04, 2009
Gulf News
Dubai A Dubai court, in a precautionary attachment, has asked Dubai Islamic Bank to freeze Dh4 billion worth of funds belonging to Ahmad Sulaiman Al Rajhi, chairman of Tameer Holding Investment LLC, who is involved in legal action with the company's former chief executive and shareholder, Omar Ayesh.
Ayesh, a UAE national, resigned as Tameer 's chief executive last year. He still holds a 25 per cent stake in the company. The precautionary attachment, seen by Gulf News, was requested by Ayesh.
Referring to Case No. 176/2009, the Dubai Court of First Instance on October 29 notified Dubai Islamic Bank "to temporarily freeze the bank accounts of Ahmad Sulaiman Al Rajhi equivalent to Dh4 billion as a precaution."
The order is understood to have been issued to safeguard the amount. A precautionary attachment order is a legal term used to place goods or assets under the protection of the court in order to safeguard any subsequent judgment.
Al Rajhi, a Saudi national, said his company has filed three criminal cases against Ayesh for embezzlement and breach of trust, two of which are in the UAE.
"Subsequently, Ayesh filed a guardianship case in order to appoint guardians on the management of Tameer Holding Investment , on which the case was dismissed in the Dubai courts on the 1st October 2009.
Ahmad Al Rajhi also said that this matter will not have operational or financial implications on Tameer Holding Investment LLC as the company is not involved in this dispute.
Omar Ayesh, who last year launched his own company, Nobles Investments LLC, declined to comment.
By Saifur Rahman, Business Editor
© Gulf News 2009. All rights reserved.
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Comments By Our Users (2)
Ahmed Al Rajihi cannot say that tameer company will not have any operational or financial implications. It may have operational and financial implications on tameer's projects because the dispute is between to share holders there is not guarantee to cover the claims of Ayesh the court will not hesitate to freeze assets and interests of a company where Ahmed Al Rajihi is havening shares or any interest in that company.
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Omar Ayesh is not A UAE national for sure
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