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.
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