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Dh397m compensation claim dismissed
DUBAI — The Dubai Court of First Instance, in a hearing held on May 24, dismissed the nearly Dh397 million compensation claim of the owners of a paper factory against a local bank.
The paper factory operates in the Jebel Ali Free Zone and its owners had charged the bank with causing them a huge financial loss.
According to court records, four Pakistani investors, the owners of the paper factory, had taken bank loan in return for a full mortgage of the factory’s equipment. The loan was granted to them on August 30, 1999. However, when they failed to settle the debt, the bank, in the year 2000, requested the court for a permit for an auction to reconcile the debt. The bank made this request after the factory was ordered by the court to pay back the debt.
The factory owners had also failed to clear the debts of other banks and bodies, who had all requested the court to issue them a sale permit of the movable assets of the factory.
According to the plaintiffs, the bank had requested the authorities in Pakistan to prohibit them from travelling abroad. They contended that since they were barred from heading back to Dubai, the factory was put up for sale, which caused them financial losses. They claimed a compensation of nearly Dh397 million as a result of this.
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