DCC 41/2007/2
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai
Taxonomy
Companies & Corporate Bodies, Judiciary, Auditing, Fraud
Copyright
LexisNexis
Decision date
15 Apr 2007
Catchwords
Company – Foreign join-liability – Audit – Fraud
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