Thursday, Feb 18, 2010
Gulf News
Dubai The arrest warrant against a former executive of Hydra Properties was cancelled yesterday and he was given a month to pay Dh8 million in connection with a property dispute.
In December, the Dubai Real Estate Court of Cassation issued an irrevocable ruling against the Emirati executive, S.F., and other defendants, ordering them to pay Dh8.025 million plus nine per cent legal interest to an Azeri businessman over a property dispute.
Gulf News learnt yesterday that a judge in the Dubai Civil Court cancelled the arrest warrant and granted S.F. a month to carry out the Cassation Court's verdict.
Chief Judge Abdul Qader Mousa, Head of the Dubai Real Estate Court, confirmed to Gulf News that the warrant had been annulled on February 17.
"As per the request of the defendant's lawyer, the arrest warrant has been cancelled, and because he is abroad he was granted one month to execute the court judgment and pay the outstanding amount," said Chief Judge Mousa.
The warrant was issued on February 10.
The Dubai Real Estate Court had earlier ordered S.F. and other defendants to pay the Azeri claimant Dh8.025 million plus a monthly nine per cent interest.
The defendants were ordered to pay the interest since the case was registered on October 24, 2008, until the ruling became irrevocable.
The former Hydra Properties executive appealed the primary judgment before the Appeals Court, which upheld it.
The Azeri claimant filed a civil suit against the defendants after they failed to complete a property deal with him.
Sour deal
According to the verdict sheet, the claimant signed a property-purchase deal with the defendants to buy two floors in a tower near Business Bay. He paid around Dh8 million, and when the project failed to be completed by the end of 2008 — as per the deal — he did some investigation and discovered that S.F.'s company did not own the land where the building was meant to be constructed.
Media reports have quoted S.F. as saying that he had not run away and that his lawyers were handling the matter.
By Bassam Za'za
Gulf News 2010. All rights reserved.
