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."

Tameer's portfolio includes the Dh30 billion Al Salam City in Umm Al Quwain which is on hold. It is also building the 107-storey Princess Tower.

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.

"In order to validate his claim, Ayesh must register a civil lawsuit against Al Rajhi, who remains confident that the claim will be dismissed by the Dubai Courts, as it has no merits as evidenced by previous court's decision," Al Rajhi said in a statement.

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.