Business | General
ARY Traders wins defamation case
ARY Traders, a leading gold dealer which also owns a private television channel, has won a defamation case in a Hong Kong court, according to a press release issued by the company on Monday.
- By Ashfaq Ahmed, Chief Reporter
- Published: 23:59 April 28, 2008
Dubai: ARY Traders, a leading gold dealer which also owns a private television channel, has won a defamation case in a Hong Kong court, according to a press release issued by the company on Monday.
ARY, which is owned by Haji Abdul Razzaq, filed a defamation case against an online newspaper for publishing an article accusing ARY Traders of money laundering, terrorist financing and drug trafficking on April 19, 2006.
According to the court decision, the online company could not prove its allegation. It said that there was no evidence to support the allegations that ARY or ARY companies are involved in money laundering, drug trafficking and assisting criminals or terrorists through "hawala" (illegal money transfer).
In summary, the court held that the article was written in a tendentious, sensationalist style. It held that ARY has an established reputation in Hong Kong and elsewhere, especially in Dubai.
For damage to its reputation, the court awarded ARY HK$1 million. It also awarded both ARY Traders and its company Digital UK damages of HK$150,000 each.
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