An employee borrows 2.5 million dirhams from a co-worker and claims their loss in the stock exchange

The Abu Dhabi Court for Family and Civil and Administrative Claims ruled that an employee must pay his colleague an amount of 2,500,000 dirhams that he had borrowed from him and refused to return them on the pretext of their loss in the stock exchange.


In the details, an employee filed a lawsuit against a colleague in which he demanded that he pay him an amount of 2,605 thousand dirhams, and the legal interest is at 12% annually from the date of the claim until full payment, while obligating him to pay fees and expenses and in exchange for attorneys’ fees and the inclusion of the judgment with expedited enforcement without bail, indicating To that the defendant is a colleague at work who asked him for a loan in the amount of 2,605 thousand dirhams, and he transferred the amount from his account with one of the banks in the country, to the defendant’s account in the same bank. A scan of his account statement issued by the bank showing the transfer of an amount to the defendant's account.


While the defendant’s lawyer submitted a reply memorandum in which he ended up rejecting the case for lack of validity and proof, and in precaution, he referred it to the expert to prove that the amount was for the purpose of investing and trading in shares and not as a loan. The two parties show that the relationship between them is for the purpose of investing in shares and not as a loan, and copies of the defendant’s trading in shares. 


During the consideration of the case, the plaintiff attended in person and decided that the sum of the lawsuit, which is 2,605,000 dirhams, was transferred by him to the defendant as a loan based on the defendant’s request and not as a form of investment and speculation, and that the mentioned transfer was made in one payment through the bank and that it was agreed that the plaintiff would return He must pay the amount up to a maximum of six months from the date of the transfer and that the latter issued him a check for the aforementioned amount, indicating that the defendant recovered the check and wrote a new check worth 2,500,000 dirhams because he had paid 100,000 dirhams in installments and that he was unable to cash the check because there was a difference between the digital value And the written value, and he submitted an explanatory note that included an amendment to the requests to make the claim obligating the defendant to pay an amount of 2,500,000 dirhams with delayed interest.


As the defendant explained, he received the lawsuit amount of 2,605,000 dirhams from the plaintiff as a matter of investment and speculation and not as a personal loan, and this is the basis of the agreement and that he works in the field of investments and has no need for the loan, and decided that he handed over to the plaintiff the sum of 100,000 dirhams as separate profits and before that he handed it over The amount of 220,000 dirhams was not mentioned by the plaintiff in his lawsuit, indicating that the investment accepts profit and loss, and he decided that there was no written agreement between them and that he was ready to swear an oath and that the check in question was written behind it as a guarantee.


For its part, the court clarified in the merits of its ruling that the plaintiff demands the amount of the transfer that he transferred from his account to the defendant’s account. The latter did not deny the fact of the transfer and receipt of the amount, except that they differed whether it was a loan or investment, where the plaintiff insisted that it was a loan while the defendant maintained that it was with intent. Investment and speculation in the financial markets.


The court indicated that by looking at the list of shares belonging to the defendant, it was not clear from the papers that the latter had purchased shares from the defendant’s money for an amount of 2,605,000 dirhams, and the papers submitted by him were free of any purchase of shares in the amount transferred by the plaintiff until he invested them, pointing out that he does not affect the This is what the defendant insisted on having a WhatsApp message, as it became clear from him that the amount would be returned within six months after he had invested it.


The court confirmed that what is more likely than the plaintiff’s statements is to show a copy of the check written by the defendant in favor of the plaintiff in the amount of 2,500,000 dirhams, which was decided by the defendant and approved the issuance of the check in his commentary, but he indicated that the check is a guarantee of the amount, which was not denied by him, which the court concludes with indebtedness. The defendant, noting that it concludes from this that the defendant is preoccupied with the amount claimed, and the court ruled to obligate the defendant to pay the plaintiff an amount of 2,500,000 dirhams and the delayed interest at the rate of 4% annually from the date of filing the lawsuit until full payment with obligating him to pay fees and expenses.

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