Nov 27 2009 |
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Businessman wins dispute
Friday, Nov 27, 2009
Gulf News
Dubai The Dubai Courts issued a ruling on Wednesday in favour of Ahmad Al Rajhi against Omar Ayesh, former CEO of Tameer Holdings , on a dispute cancelling the previously issued cautionary attachment number 15/2009 on Dh4 billion funds belonging to property developer Tameer and all associated legal ramifications considering it as it never took place.
Moreover, the court ordered the plaintiff Ayesh to pay for the legal expenses and fees, a statement issued by Ahmad Al Rajhi said. Previously, Ayesh obtained an order for a cautionary attachment on the bank accounts belonging to Saudi businessman Al Rajhi.
Since the cautionary attachment took place without the knowledge of the defendant, the Court decided to accelerate the process due to the urgency of the matter. "Both parties appeared in front of the judge through their attorneys. Each presented their statements and documents in three court sessions, following which a court order has was issued yesterday cancelling the cautionary attachment and considered it as if it never took place due to the fact that it was based on the statements of one party only and had no merit as proven through the proceeding of the court sessions. The court ordered the plaintiff Omar Ayesh to pay for the legal expenses and fees," the statement said.
"It is important to mention that Tameer Holding Investment has raised several cases and charges against the partner Omar Ayesh for embezzlement and breach of trust in the UAE and Jordan. These cases are still ongoing with the specialised authorities," it said.
© Gulf News 2009. All rights reserved.
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