UAE: Businessman ordered to pay Dh500,000 for seizing company profits

A businessman has been ordered by the court to pay his business partner a total of Dh500,000 as compensation for taking company profits and selling shares without authorization. The accused and his business partner had equal shares in the company. However, the accused took advantage of having the power of attorney and began embezzling profits. The partner sued his businessman and asked for Dh2.5 million in damages to make up for lost income and material damages. After hearing from all parties, the judge made a decision requiring the businessman to give the plaintiff Dh500,000 as compensation for the material and moral harm he sustained, as well as the accrued interest at a rate of 5% per year. BKM/ Expat Media
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