Business

Al Gosaibi court settlement hits snag

A $250m settlement being hammered out in UK court between Ahmad Hamad Al Gosaibi and Brothers and five banks hit a snag over an "undertaking".

The National staff

June 17, 2011

  • English
  • Arabic

A settlement being hammered out in a UK court between Ahmad Hamad Al Gosaibi and Brothers and five banks suing for US$250 million (Dh918.1m) over unpaid debts hit a snag yesterday over an "undertaking" demanded by the banks' lawyers.

The Al Gosaibi group, once one of Saudi Arabia's most powerful business empires, collapsed in 2009 leaving about $9 billion of debts.

It began the case at the High Court in London by arguing it was not liable to repay the money to the banks because it had been the victim of a fraud.

But in a dramatic turnaround on Wednesday, the group's lawyer, Ewan McQuater, admitted his client's liability to compensate the banks in respect of loan facilities he accepted were "contractually binding" on the Al Gosaibi group.

The case returned to London's High Court yesterday as lawyers debated precise terms, which must now be approved by the judge, Mr Justice Flaux.

Lawyers for HSBC said the "minute of order" should include a section making clear that the Al Gosaibi group would not dispute the issue of contractual liability in any foreign court.

The judge put this to Mr McQuater, who said he had yet to receive firm instructions on this issue from his clients.

Mr Justice Flaux said they were no doubt "still reeling" from the effects of Wednesday's development.

Mr McQuater said his clients had "admitted liability" and had agreed to pay the costs of the action. "We consent to judgment in these matters, but not in the form put to us today," he told the judge. There were, he said, still "issues" about asset disclosure and other related topics to be resolved.

The judge asked Mr McQuater if he could tell the court "on instructions" whether his clients intended to "honour the liability they have admitted and pay the debt".

Mr McQuater replied: "We admitted liability. They would like to pay, but it looks unlikely that they will be able to."

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email [email protected] or visit www.cultures.ae

 

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

Scores in brief:

  • New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
  • William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
  • Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
  • Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
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With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
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iPhone XS Max
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iPhone XR
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  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

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Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

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When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

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$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

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55

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$88,702

$177,403

 

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Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

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Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

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  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

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  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

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