DFM-listed Shuaa wins court order in dispute against former top executive

Dubai: A UAE court has ruled in favour of the Dubai investment firm Shuaa in a dispute brought against the company by a former top executive.

The latter had demand a settlement of labour dues to him totalling Dh22 million.

In a statement, the DFM-listed Shuaa said: “We are pleased to inform our shareholders that the Court has issued a judgement in favour of the company.

“The company… reaffirms its commitment to assessing all available legal options to safeguard its rights and those of its shareholders.”

In August last, Shuaa had informed that it received a notification from Dubai Labour Court of First Instance on a lawsuit fled by the former executive.

At the time, Shuaa said: “The matter is still in its very early stages, and the company does not foresee any financial impact given its belief that the claim lacks merit based on preliminary assessments. The company also intends to contest it.”