Dubai court dismisses Kuwaiti Sheikh's $21 million claim against UBS | Reuters:
"A Dubai court has dismissed a Kuwaiti sheikh's $21.4 million claim against UBS AG (UBSN.VX) in which he alleged the Swiss bank failed to pay him for helping it become lead arranger on a $9 billion asset sale by Kuwaiti telecom operator Zain.
The case highlighted the complexity of doing business in the Gulf, where personal connections to high-ranking officials or executives are often valued in deal making.
But in a damning written verdict, Justice Sir David Steel described Sheikh Meshal - a member of Kuwait's ruling family - as a witness in whose evidence it was "difficult to have confidence ... his evidence in some respects did not just appear evasive but was demonstrably unreliable"."
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