DUBAI: The Dubai World Tribunal on Tuesday ordered the repayment of Dh57 million ($15.5 million) to an investor who used the money to reserve three islands on The World.
The tribunal ordered The World LLC, a subsidiary of Dubai developer Nakheel, to give back money Shokat Mohammad Dalal paid in 2008 to keep the plots off the market as he negotiated for their purchase.
Sir John Chadwick and Michael Hwang, two members of the tribunal, ruled that there was no agreement between Dalal and The World stipulating that he was not free to withdraw from the arrangement and have his money returned.
The tribunal has not yet ruled on whether The World owes interest to Dalal on the sum.
Nakheel wasn't immediately available for comment.
The tribunal was set up in 2009 to hear disputes involving Dubai World and its subsidiaries as the government-owned conglomerate underwent a $25 billion debt restructuring. Nakheel was a subsidiary of Dubai World until last year, when it was moved under direct ownership of the Dubai government.