DCC 41/2007/2

This case involved an action filed by the respondent company against the appellant company requesting to bind the appellant to pay thereto the amount of AED 34,267,302.56 in addition to 12% interest per annum as of the date of the judicial action was filed until the full payment. The Plaintiff discovered that the financial auditor and other persons wasted the company funds by entering fictitious business deals without the knowledge thereof which caused the Plaintiff losses amounting USD 8,599,757. The Court ruled to reject the action. The plaintiff company filed an appeal.

The Court

Pursuant to the perusal of the documents, and the hearing of the summary report read out by Judge/ ……….and after deliberation;

Whereas the cassation has fulfilled all formal conditions; and