A state-owned utility in the United Arab Emirates owes troubled FAL Oil about 2.3 billion dirhams
($631 million) for the fuel it bought from the trading company in 2008 and 2009, according to a report by consultancy Ernst & Young.
FAL, based in the emirate of Sharjah, filed a $750 million claim against the Sharjah Electricity & Water Authority (SEWA) in the emirate's federal court in early 2010, after private negotiations between the two parties failed. The suit alleged FAL had not received full payment for oil.
Ernst & Young was appointed by the court to carry out an independent study of FAL's lawsuit against SEWA.
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