The bank filed a suit against Hassan A.A. demanding Dh1,679,971 and 12 per cent interest for credit facilities, overdraft and overdue loan.
On May 17, 2004, the Dubai Court of First Instance dismissed the case. The NBD appealed before a higher court, which delegated an actuary to study the case and settle the litigation. Basing its verdict on the actuary's report, the Court of Appeal annulled the verdict of the lower court and ordered the client to pay NBD
Dh 1,477,311 and 9 per cent interest starting from the date of filing the lawsuit.
The client appealed before the DCC, alleging that the actuary's report was about another client named Hussain A.A., whose balance was completely different from his.
He also argued that the NBD did not abide by the directives of the late Shaikh Zayed bin Sultan Al Nahyan, that a client's financial status should be properly checked before granting loans. The DCC refuted the defendant's arguments and upheld the verdict of the Court of Appeal.
Daikin is actively involved in developing and producing energy-efficient and sustainable heating solutions
Hotpack Global has become an integral part of the UAE's industrial landscape
Food systems are estimated to be responsible for roughly a third of human-made greenhouse gases, but are increasingly threatened by global warming and biodiversity loss
Blending history, tradition and culture with stunning scenery and wonderful cuisine, Malta’s tourism mix is second to none, as a leading industry official details
Malta’s decision to focus its tourism recovery plan on improved connectivity and niche segments is paying rich dividends as visitor numbers and spends hit new heights