Shuaa seeks damages from OHO

Shuaa Capital yesterday filed a legal claim at the Dubai International Arbitration Centre against Mohamed Abdel-Khaleq Mohamed Abu Al Haj and Orion Holdings Overseas (OHO) for breach of obligations in respect to Shuaa's investment in OHO, a DIFC-based entity.

Shuaa bought a 20 per cent minority shareholding in OHO in February 2008.

The damages sought relate to the losses incurred by Shuaa on its investment. Shuaa has charged Dh115.9 million in losses through its accounts. The value of the stake in OHO was fully provided for in Shuaa's accounts as of March 31, the firm said.

Petra Invest, a shareholder in OHO, also filed a claim against Shuaa with the DIFC Courts.