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Contracting firm told to pay back ARBIFT Dh2.5m

DUBAI — The Courts of First Instance, Appeal and Cassation, all ordered a contracting company to pay back Dh2, 541,053 to the Arab Bank for Investment and Foreign Trade (ARBIFT), which was the amount of outstanding debt the firm had refused to pay.

The history of the case began when the bank gave facilities to S. Contracting Company (Limited Liability Company) on the basis of the guarantee of Mohammed F S Y and Ziad S Y.

The bank filed a suit against them after they refused to pay the outstanding amount. The court delegated an expert, and issued the verdict on the basis of that report.

The court ordered the company and its two guarantors to jointly pay the bank Dh2.5 million and nine percent annual interest.

The company and the first guarantor appealed the verdict, but the appeal court turned it down. They contested the ruling before the Court of Cassation arguing that the interests were accumulated due to the long time spent in the legal proceedings at the court. The apex court dismissed the petition, and upheld the verdict of the Court of Appeal.

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