UAE | Crime
Court okays sale of broke quarry
The Fujairah Federal Court on Monday, sanctioned the sale of a Fujairah-based stone-crushing quarry unable to meet its Dh10m debt to banks and other companies.
- Staff Report
- Published: 23:26 October 7, 2008
Fujairah: The Fujairah Federal Court on Monday, sanctioned the sale of a Fujairah-based stone-crushing quarry unable to meet its Dh10m debt to banks and other companies.
The court decided to accept the highest bid of Dh6.5m for the quarry after previously inviting bids for its deeds and assets.
The court issued a seizure order against its properties, after a series of court rulings in favour of creditors proved fruitless as the quarry struggled with its mounting debts.
Court records show that the quarry owes up to Dh10m to a bank and seven other companies. The money recouped will be paid back to creditors.
More from UAE Crime
More from UAE
Community Reports
-
Mirror, mirror show me the way
Driver on Salam Street had so many boxes and fruits piled into car, he would not be able to view rear or right side mirrors
-
Parents should be more vigilant
Reader's picture highlights risk of negligence by caretakers
-
Warming up to ‘Mobilise the Earth' theme
Dubai school dedicates a whole week to celebrating Earth Day with can-collection drives, sapling plantation and painting competition among others
-
Drivers using mobiles put others' lives at risk
Speeding is dangerous for the driver and other motorists
Latest news
- Youngsters dance and raise cash for charity
- Dubai departments upgrade services
- Get yourself a free test for diabetes
- Ensuring a safety net for intellectual property
- Reader's issue addressed
- 5,552 illegals held in Dubai this year
- Man cleared because he took drugs in France
- Man charged with trafficking women
- Auditors to probe Mizin graft case
- Transfusion centre launches new toll free number
- Mirror, mirror show me the way
- Last minute ID rush is on
- No sweat! Book taxi while on Metro
- Secret source scheme reaps rewards
- Breaking down cultural barriers with photographs
