Dubai: Dubai Courts, in a precautionary attachment, has asked Dubai Islamic Bank to freeze Dh4 billion worth of funds belonging to Ahmad Sulaiman Al Rajhi, chairman of Tameer Holding Investment LLC, disputed by the company’s former chief executive and shareholder, Omar Ayesh.

Ayesh had resigned as Tameer’s chief executive last year. He still holds 25 per cent shares in the company. The precautionary attachment, seen by Gulf News, was requested by Ayesh.

Referring to Case No. 176/2009, the Dubai Court of First Instance on Oct. 29 notified Dubai Islamic Bank, “to temporarily freeze the bank accounts of Ahmad Sulaiman Al Rajhi amounting to equivalent of Dh4 billion as a precaution.”

Tameer, one of the largest UAE developers has a massive project portfolio including Dh30 billion Al Salam City in Umm Al Quwain which is currently on hold. It is also building a 108-storeyed tower, Princess Tower at the Dubai Marina, construction of which is currently progressing well.

The order is understood to have been issued to safeguard the amount from being transferred. A precautionary attachment order is a legal term used to place goods, or assets, under the protection of the court in order to safeguard any subsequent judgment.