National Bank of Umm Al Qaiwain (NBQ) sent a filing to Abu Dhabi Securities Exchange (ADX), reporting that Dubai Court of Cassation delivered a judgement on Septemet 18, on the challenge lodged by NBQ against Dubai Court of Appeal’s ruling on appeal No. 746-785/2010 filed by Global Investment House (Global) against the UAE-based lender.
The Court of Cassation overturned the appealed judgment and referred the lawsuit to the Court of Appeal which will have a new panel. The Appellee was ordered to pay court expenses and Dh1,000 attorneys’ fees.
In a hearing on September 11, the Court of Cassation of Dubai decided to reserve September 18, 2012, as the date for issuance of its ruling on the appeal by NBQ. The bank had appealed against the Dubai Court of Appeal ruling issued on May 21, 2012, in Global Investment House’s favour to recover the disputed $250 million deposit along with 9 per cent interest and costs.
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