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30/04/2024
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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 numberLawsuit 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 amount of AED 4,030,321 as well as an amount of AED 1,500,000 being a compensation for material and punitive damage in addition to the legal interest of 9% until full payment.
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Subject of the Lawsuit
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29/04/2024
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The Court Judgement / Verdict date Court circuit
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Dubai Court of First Instance
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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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The Plaintiffs
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The Judgment / Verdict in favor of
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The court ruled in the presence of defendants to oblige them jointly to pay to the plaintiffs an amount of AED 2,944,129.57 (equivalent to almost KD 247,000) and the legal interest thereon at the rate of 5% annually from the date of the judicial claim on 07/06/2023 until full payment in addition to the proportionate legal expenses and a legal fee amounting to AED 1,000,while rejecting all other claims.
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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 is in the process of appealing against that court verdict in front of The Court of Appeal. Also, the company had booked full provision against the total value of that claim during last year on the basis of conservatism, and hence, there is no financial impact on the company’s results of operations due to that court verdict.
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The expected financial impact on the company as a result of the Judgment / Verdict
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