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Friday, 10 February 2012

Nakheel claims O’Donnell defence was “strong” - Real Estate - ArabianBusiness.com

Dubai developer Nakheel claimed it believed its unsuccessful defence against former CEO Chris O’Donnell’s $3.7m law suit was “strong” and it would appeal the decision against it if it were possible.
In a court ruling on Thursday, the Dubai World Tribunal awarded O’Donnell $3m in overdue long-term incentive payments and AED916,893.93 ($249,624) in days in lieu he had worked and was contractually entitled to. The verdict was the conclusion of a legal dispute brought by O’Donnell in June last year.
“We respect today’s court ruling,” a Nakheel spokesman said. “However, we firmly believe we have a strong case and if we had the right to appeal we would have done so.”