Dubai: The World, a wholly owned subsidiary of developer Nakheel, has successfully defended an application before the Special Tribunal Related to Dubai World to restrain the calling of two performance bonds.
Penguin Marine, which had entered into a contract with The World to assist in the transport of logistics to the islands comprising the World development, applied for an injunction to restrain the calling of two bonds.
The tribunal rejected the application and awarded the costs of the application to The World. This leaves The World free to call on the bonds which it successfully argued should be called to cover liabilities in excess of Dh12 million owed by Penguin Marine, Nakheel said in a statement.
