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23/07/2023
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Date:
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Al Mazaya Holding Co. K.S.C. P
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Name of listed company
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633/2023 Real Estate (Dubai Courts of First Instance)
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Automated Lawsuit number
Lawsuit Number
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Some buyers of real estate units in one of the group’s projects in the Emirate of Dubai filed a lawsuit against the company and one of its subsidiaries in the Emirate of Dubai, demanding the annulment of the reservation forms for the subject real estate units of this lawsuit between the parties, and demanding that the defendants be jointly obliged to refund a total amount of AED 5,530,321 (equivalent to almost KD 462,000), which includes a claim of AED 4,030,321 and as well as an amount of AED 1,500,000 being a compensation for material and moral damage in addition to the legal interest of 9% until full payment.
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Subject of the Lawsuit
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No court verdict has been issued
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The Court Judgement / Verdict date
Court circuit
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The courts of Emirate of Dubai – No court verdict has been issued
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The name of the Court that issued the Judgement / Verdict
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Helen Jane Tatham and Pauline Mary Leale (plaintiffs) against Mazaya Real Estate Free Zone LLC and Mazaya Holding (defendants)
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Parties of the Lawsuit
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No court verdict has been issued
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The Judgment / Verdict in favor of
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No court verdict has been issued
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Court of First Instance Judgment / Verdict
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No court verdict has been issued
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Court of Appeal Judgment / Verdict
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No court verdict has been issued
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Court of Cassation Judgment / Verdict
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The company will record provisions against this lawsuit in its financial records for the period ending on June 30, 2023 on conservatism basis, which will be reflected in the company's financial statements for the second quarter of 2023.
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The expected financial impact on the company as a result of the Judgment / Verdict
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