ADJD to distribute 31% of claims to distributors

Abu Dhabi: The Abu Dhabi Judicial Department (ADJD) has decided to distribute 31 per cent of the claims to 1,665 depositors in what is known as the "United Investors for Property Management" case.

Dh166 million (31 per cent) out of the total claims of Dh531 million against the defendant have been collected by the court so far and will be distributed to depositors who obtained final verdicts by the court and filed execution applications with ADJD on pro rata basis. This means each depositor will receive 31 per cent of his or her total deposits with the defendant. Any funds collected from the defendant in the future will again be distributed on the same basis.

The defendant pledged to the court that he would repay the depositors' entitlements in full and to settle all his liabilities towards depositors. Accordingly, ADJD decided to distribute any funds collected from him before the total claims are received in full.

On February 4, Abu Dhabi Court of Misdemeanour announced its verdict in the case of United Investors for Property Management which was one of the major cases of funds investment cases heard by courts in Abu Dhabi.