Abu Dhabi Commercial Bank ADCB.AD has launched legal action against Zabeel Investments, which is owned by the crown prince of Dubai, to reclaim $107.13 million from the troubled firm, according to court documents seen by Reuters.
The bank, Abu Dhabi's third-largest by market capitalization, filed the action on September 19 in the Dubai International Financial Centre Courts, claiming breach of contract due to Zabeel's failure to meet repayment obligations, the document said.
Zabeel, which has hospitality, property and private equity assets, owes approximately 6 billion dirhams ($1.6 billion) to mostly local banks. Talks on restructuring the debt ground to a halt in January.
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