DCC 67, 80/2007

This case involved whether shares had been unjustly sold.

Background

A Plaintiff was an investor at the Dubai Financial Market, and he dealt with the Defendant and owned 606 shares the defendant's company.

On 14-6-2004 the Plaintiff issued an order to the Defendant to buy two million shares of the company and the Defendant executed the order and these shares were registered in his name.

However, the Plaintiff was surprised that the Defendant sold all his shares unjustly and wanted an accountancy expert to clarify the position.

The expert concluded that the Plaintiff was entitled to 2398076 shares in the company.

Therefore, the Plaintiff sought a decision from the court to recover 4 million shares of the company shares, 2,000,000 shares where the Plaintiff acted unlawfully and 2,000,000 shares where had increased in the capital of Amlak with compensation for the material and moral damage and the loss of non-subscription in companies that had offered their shares in the State of Qatar and the United Arab Emirates and estimated 50 million AED and then filed the lawsuit.

Proceedings

Court of first instance | Decision dated 26/07/2006