Court orders former CEO in Dubai to pay $6 million

Dubai - The Court of First Instance, dismissed the counter claim by defendant David Haig.

The DIFC Courts on Wednesday ordered a former deputy chief executive of GFH Capital to pay out $6 million in damages and other costs to his former employer on Wednesday, upholding the claim by investment banking arm of Bahrain's GFH Financial Group.
The Court of First Instance, dismissed the counter claim by defendant David Haig and granted GFH Capital's claim in full, in addition to legal costs and exchange rate fees as the monies to be paid are in different currencies.
"The court, bearing in mind the seriousness of the allegations made, is satisfied on the evidence that the defendant is a fraudster who caused to be paid into his own bank accounts and that of his close friend, monies belonging to the claimant in the sums of £2,039,793.70, Dh8,735,340 and US$50,000," the verdict by judge Sir Jeremy Cook said.
The court verdict is the latest in a long-running dispute in which Haig was convicted of embezzling millions of dollars from his former employer in 2015. The case centred on a claim by GFH Capital, which was seeking $5 million in damages plus legal and other costs, which it argued is owed after Haigh was convicted of breach of trust by Dubai Criminal Court in a separate case in 2015 and deported to the UK.
issacjohn@khaleejtimes.com

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