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Article: United Arab EMirates : Dubai court freezes Dh4b of Tameer funds.

Article from:
TendersInfo
Article date:
November 5, 2009
Copyright

Byline: babalu03

A Dubai court, in a precautionary attachment, has asked Dubai Islamic Bank to freeze Dh4 billion worth of funds belonging to Ahmad Sulaiman Al Rajhi, chairman of Tameer Holding Investment LLC, who is involved in legal action with the company's former chief executive and shareholder, Omar Ayesh.

Ayesh, a UAE national, resigned as Tameer's chief executive last year. He still holds a 25 per cent stake in the company. The precautionary attachment, seen by Gulf News, was requested by Ayesh.

Referring to Case No. 176/2009, the Dubai Court of First Instance on October 29 notified Dubai Islamic Bank "to temporarily freeze the bank ...

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