Investor wins Dh57m case vs The World

The Dubai World Tribunal on Tuesday ordered the repayment of Dh57 million ($15.5 million) to an investor who used the money to reserve three islands on The World, a man-made archipelago in the shape of a world map off of Dubai’s coast.

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Published: Wed 29 Aug 2012, 10:24 PM

Last updated: Tue 7 Apr 2015, 2:34 PM

The tribunal ordered The World LLC, a subsidiary of Nakheel, to give back money Shokat Mohammed Dalal paid in 2008 to keep the plots off the market as he negotiated for their purchase. Sir John Chadwick and Michael Hwang, two members of the tribunal, ruled that there was no agreement between Dalal and The World stipulating that he was not free to withdraw from the arrangement and have his money returned.

The tribunal has not yet ruled on whether The World owes interest to Dalal on the sum.

Nakheel wasn’t immediately available for comment.

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