Al Dahana Announces Dubai Court Decision
PR92308
Al Dahana Announces Dubai Court Decision: Nissan Motor Co and its Middle Eastern subsidiary found Diverting Profits from its Partner for a decade and loses in Court in favour of Al Dahana FZCO in a landmark lawsuit Amounting to approx. AED 1.3 Billion
DUBAI, United Arab Emirates, Oct. 14, 2021 /PRNewswire=KYODO JBN/ --
Nissan Motor Co. Ltd. and Nissan Middle East have been charged to pay in excess
of AED 1.3 billion (including interest) to the Partner "Al Dahana FZCO" in a
landmark ruling in the case filed by the latter.
The case, first filed in 4th July, 2019, sought compensation for damages
suffered due to breach of contract committed by Nissan, its subsidiary Nissan
Middle East and two appointed Directors. The Dubai Court of First Instance
initially issued its judgement ordering Nissan to jointly pay Al Dahana over
AED 1.3 billion, inclusive of interest, on 29th September, 2021.
Following the review of presented evidence and provisions of the law, on 4th
October, 2021, the Dubai Court of Urgent Matters issued a precautionary
attachment order over goods and moveables, bank accounts and balances of the
two companies and valued the debt owed by them to be approx AED 1.3 Billion
including interest.
Speaking about the landmark ruling, Mr. Nasser Watar - CEO for Al Dahana Group
said, "Al Dahana is extremely happy with the court's verdict and would like to
thank Dubai Courts for their impartial and just ruling. We feel heard, and
believe this will pave the way for other regional companies to seek justice as
well."
SOURCE Al Dahana
CONTACT: Daniela Sanchez, dsanchez@aldahana.com
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