Abu Dhabi Commercial Bank (ADCB) filed the case on Sept. 19, claiming $107.13 million from Zabeel, owned by the crown prince of Dubai, saying it failed to meet repayment obligations.
The bank said in a statement that Al-Refai was found guilty of money laundering, fraud, illegally soliciting donations without prior licensing from Bahraini authorities and transferring the funds to his personal account.
Mashreq, the UAE bank caught up in the affair, will also get its chance to press for the repayment of cash it has claimed from the Al Gosaibis.
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.
She advises on a variety of structured credit and debt capital markets products, as well as bank lending, regulatory, derivatives, and Islamic finance matters.
Royal Bank of Scotland and two other banks have begun legal proceedings against an investment vehicle owned by Dubai's ruler, seeking immediate repayment after abandoning talks to restructure $10 billion in debts.
Three years later, Abu Dhabi has likely figured out that in the U.S., gangsters have guns but banksters are far more dangerous – they have ivy league educated lawyers.
“I’m going to lose my apartment and AED100,000 (US$27,200),” said a British expat who renewed her contract for a property in the Fairways in June but has since been unable to contact the company.