Obligating an investor to pay 5.6 million dirhams to his partner

The Abu Dhabi Court obligated the partner to 500 thousand dirhams in compensation.

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An investor granted a power of attorney to his partner to manage the company owned equally by them, so he took advantage of the power of attorney, seized the profits, and sold his partner’s share to his son. To pay the investor an amount of 500,000 dirhams, as compensation for the material and moral damages he has suffered.

In detail, an investor filed a lawsuit against his partner, demanding that he pay him two million dirhams, in compensation for all material and moral damages, lost profits, and lost opportunity, with obligating him to delay interest at 12% on the amount of five million and 118 thousand dirhams, estimated by the commission of experts delegated in The lawsuit is a commercial college of Abu Dhabi.

He explained that he had been a partner with the defendant since 2011, in a company of 50% each, and that he worked as an agency for the defendant to manage the company alone, and the partnership lasted until 2017, when the defendant seized the company, and its profits, which prompted the plaintiff to file a lawsuit Before the Commercial Court, he claimed his share in the company's profits from the date of the partnership.

He pointed out that during the consideration of the case, he was surprised by the defendant taking advantage of the agency granted to him, and sold his entire share in the company to his son, and the commercial license was amended in the name of the defendant and his son, which missed the profits for the years 2015, 2016, and 2017, pointing out that he filed an appendix invalidity suit. The memorandum of association, assignment and restoration of the situation to what it was, and the Court of First Instance decided to reject the case on the grounds that the power of attorney granted to the defendant permits him to carry out these actions, and that he did not breach his obligations contained therein.

He added that he filed a total commercial lawsuit in which he demanded to compel the defendant to pay the price of his share in the company of 50%, in accordance with the memorandum of association concluded between him and the defendant, in which the trial court ruled to obligate the defendant to pay the plaintiff five million and 188 thousand dirhams.

The court ruled to oblige the defendant to pay the plaintiff an amount of 500,000 dirhams, compensating the material and moral damages he sustained, and the delayed interest on this amount at 5% annually, and obligating the defendant to pay the plaintiff the delayed interest at the rate of 5% annually of the amount awarded in the case The previous statement, amounting to five million and 118 thousand dirhams, regarding the plaintiff’s share in the company, from the date of filing that lawsuit until the full payment, not exceeding the original amount decided, to oblige the defendant to fees and expenses of the lawsuit, and rejecting all other requests.

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