SHUAA Capital has informed the Dubai Financial Market that the Dubai Courts have issued a judgment concerning jurisdiction in the labour claim filed by the company against a former Executive Director for the recovery of AED 11 million. The judgment did not address the merits of the claim or determine the company’s entitlement to the amount claimed.
The company clarified that the judgment did not reject the claim or extinguish any of its rights, and based on its current assessment, there is no material financial impact on SHUAA Capital.
Key highlights:
• Dubai Courts issued a jurisdiction-related judgment in the labour claim
• Claim relates to the recovery of AED 11 million from a former Executive Director
• Judgment did not rule on the merits of the case
• Company’s rights remain unaffected
• No material financial impact based on the current assessment
• SHUAA Capital will disclose any further material developments in line with regulatory requirements
According to SHUAA Capital, the company will continue to update the market on any material developments relating to the case in accordance with applicable regulatory requirements.
Source: SHUAA Capital
Disclaimer: This post is for informational purposes only and should not be considered investment or financial advice.
