A Dubai court has issued a precautionary attachment order of about $1 billion on the accounts of Tameer Holding Investment's chairman Ahmad Suleiman Al Rajhi who is in dispute with a shareholder in the company, documents seen by Zawya Dow Jones show.
The Dubai Court of First Instance on Oct. 29 notified Dubai Islamic Bank PJSC (DIB.DFM) of the order of 4 billion U.A.E. dirhams ($1.08 billion) on Al Rajhi's accounts, according to a copy of the court ruling.
A precautionary attachment order is a legal term used to place goods, or assets, under the protection of the court in order to safeguard any subsequent judgment.
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