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Saturday, 19 November 2016

Ruler’s Court panel settles Dh4.1b dispute | GulfNews.com

Ruler’s Court panel settles Dh4.1b dispute | GulfNews.com:
"An unusual commercial dispute worth Dh4.1 billion between a bank and its client was recently resolved by Dubai Ruler’s Court’s Administration of Expertise and Settlement of Disputes.
The client lodged a lawsuit before the Dubai Commercial Court against the bank and its company that trades in stocks across the country’s financial markets, seeking Dh4.1 billion in compensation for what he described as loss of his funds and financial damages.
“This commercial dispute was unprecedented and rarely happens between a bank and its client. The claimant alleged that the bank and its company traded his stocks in the financial market without his knowledge and consent. The pertinent court referred the dispute to our department and we commissioned three financial experts, who looked into the dispute and resolved it,” Hashem Salem Al Qiwani, the administration’s director told Gulf News."

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