The Claimant requested the Court to:

• Order the Defendant to annul a Murabaha contract, concluded on 2 June 2009 and amounting to AED 17,209,775;

• Direct the Defendant to re-pay AED 651,775, representing the first installment of the purchase price stipulated in the Murabaha contract;

• To direct the Defendant to return the original cheque (dated 14 May 2008) issued for the remaining balance (AED 16,588,000) (Balance) of the purchase price.

The Claimant expressed his willingness to assign to the Defendant all the shares that had previously been transferred by the Defendant into the Claimant's account with another company through a finance loan concluded previously on 20 September 2005.

In June 2009, the Defendant submitted a reply memorandum requesting the Court to dismiss the Claimant's case as the facts presented by the Claimant were not correct. The Defendant followed this by filing a counterclaim on 14 July 2009 wherein it requested the Court to direct the Claimant to pay the Balance plus 9% interest from the due date until full payment.