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Client to pay NBD over Dh1 million
The Dubai Court of Cassation (DCC) has rejected a verdict by the Dubai Court of First Instance and upheld the verdict issued by an Appeal court ordering a client of National Bank of Dubai (NBD) to pay Dh1,477,311 and 9 per cent interest starting from March 1, 2004, the date of filing the lawsuit, until the total amount is fully paid.
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.
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