Al Dahana Announces Dubai Court Decision

Al Dahana

2021/10/14 17:27

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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