Dubai: The Dubai investment firm Shuaa will soon start litigation proceedings against a ‘former executive’ as the tussle hots up.
The ex-official – who was a member of the Shuaa Board of Directors - had filed a lawsuit against the company for claims totaling around Dh22 million as ‘labour dues’. The suit was filed with the Dubai Labour Court of First Instance.
“The matter is still in its very early stages,” said Shuaa in a statement. “The company does not foresee any financial impact given its belief that the claim lacks merit based on preliminary assessments.”
Shuaa said it plans to contest the lawsuit.
The DFM-listed company has revamped its Board of Directors and senior management after a series of resignations and exits. It is also in the midst of a fairly expansive restructuring exercise, designed to help it bring down legacy commitments and create a more fine-tuned enterprise for the current market situation.
Not ‘absolved’
Recently, Shuaa had confirmed that its erstwhile board member has not been absolved of liabilities the company sustained during 2023. It is in regard to this that Shuaa is in the ‘final stages’ of commencing litigation action against the individual and thus ‘preserve the interest of both the company and its shareholders’. (Shuaa had earlier said even its former audit firm was not being absolved for work done during 2023.)
