Abu Dhabi businessman demands Dh60 million compensation for financial losses

News Karnataka

Abu Dhabi businessman demands Dh60 million compensation for financial losses

Abu Dhabi businessman demands Dh60 million compensation for financial losses

Sc BH   ¦    Jun 18, 2019 06:13:14 PM (IST)

Abu Dhabi businessman demands Dh60 million compensation for financial losses-1Abu Dhabi: An Emirati businessman is demanding Dh60 million from a local bank on the grounds that the bank caused him financial losses and also moral damages by refusing to encash a Dh10 million cheque he issued as payment for a plot of land.

The man had reportedly bought the land in Abu Dhabi at Dh24 million and handed the cheque to the seller as part of the payment. However, when the seller presented the cheque to the bank, his request for encashing the same was turned down as the bank authorities claimed that the sign on the cheque did not match the one they had in their system.

Though the seller filed a criminal case against the buyer, the case was dismissed as a report from an expert committee said that the two signatures (one on the cheque and the one in bank's system) matched.

The businessman (purchaser) has now filed a civil lawsuit against the bank demanding compensation for losses and moral damages.

Both the Abu Dhabi Civil Court of First Instance and the Appeal Court ordered the bank to pay Dh500,000 to the plaintiffs in compensation for the losses and damages. However, the businessman challenged the ruling and took the case to Abu Dhabi's top court. The final ruling will be issued next month, reports Khaleej Times.