DUBAI // An order freezing the accounts of Ahmed al Rajhi, the chairman of the property developer Tameer, was lifted by the Dubai Civil Court, which ruled that it was based on the statements of one party only and had no merit. The order, which at Dh4 billion (US$1.09bn) was the largest on record, was issued on October 29 in response to a claim by one of Tameer's board members, Omar Ayesh, who maintained that Mr al Rajhi had reneged on payment after agreeing to buy 75 per cent of his stake in the company.
Mr al Rajhi disputed the freeze order on November 3. In its verdict on Tuesday, the Dubai Civil Court stated that all associated legal civil ramifications resulting from the order were to be dismissed as well. Dr Habib al Mulla, who represents Mr Ayesh, had stated that the order was submitted as a precautionary measure before their law suit was presented to the court. "The claim filed was due to non-payment and accounts problems faced with the defendant," Dr al Mulla said.
The order stipulated that the earlier freeze order be struck from the records, and directed Mr Ayesh to pay for the legal expenses and fees. Mr al Rajhi also confirmed that three cases had been filed against Mr Ayesh in the UAE and Jordan accusing him of embezzlement and breach of trust. Prosecutors are reviewing these cases to determine if any charges should be filed, according to a Dubai prosecution source.