Tihama Advertising, Public Relations and Marketing Company announces the issuance of a Verdict by the Dubai Courts of First Instance in favor of the company against Mr. Nasser bin Saleh Al Sarami and Kanaen General Trading Company
| Element List | Explanation |
|---|---|
| Introduction | Tihama Advertising, Public Relations and Marketing Company announces the issuance of a preliminary ruling from the Dubai Courts of First Instance in Dubai on 11-04-1443 H corresponding to 11-16-2021 AD to obligate Mr. Nasser bin Saleh Al Sarami to pay the Tihama Advertising, Public Relations and Marketing Company an amount AED 3,825,733 in addition to the legal interest of 5% from the date of the judicial claim until payment is completed, and obligating the Kanaen General Trading Company to pay the Tihama Advertising, Public Relations and Marketing Company an amount of AED 1,217,925 in addition to the legal interest at the rate of 5% from the date Judicial claim until full payment, and obligated each defendant to pay his application fees and five hundred UAE dirhams in return for attorney fees. |
| Lawsuit Opponent | Mr. Nasser bin Saleh Al Sarami
Kanaen General Trading Company |
| Name of the Plaintiff | Tihama Advertising, Public Relations and Marketing Company |
| Type of the Lawsuit | Commercial case before Dubai Courts |
| Name and Location of the Competent Judicial Authority | Dubai Courts of First Instance in Dubai |
| Date of Submitting the Lawsuit | 2021-05-04 Corresponding to 1442-09-22 |
| Summery of the Lawsuit and its Reasons | Tihama Advertising and Public Relations Company filed a lawsuit against Mr. Nasser bin Saleh Al Sarami for compensation for the damages he caused while managing Tihama Global Company in Dubai (an associate company) in his capacity as General Manager and Board Member of Tihama Global.
The lawsuit also included a claim by Kanaen General Trading Company to pay Tihama Advertising, Public Relations and Marketing Company an amount of 1,217,925 UAE dirhams, which it committed to pay to finance the operational activity of Tihama Global Free Zone Company according to the contract signed between the two parties |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | In the event that the judgment is finally confirmed in favor of Tihama Advertising, Public Relations and Marketing, the impact will be positive on the company, as the company previously recorded its share of those losses in the previous financial years. |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | There are no Substantial Legal, Regulatory, or Operational risks as a direct effect that may Result from the Lawsuit. |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | The Company based on documents available with it has obtained legal advice, and filed a lawsuit, and there is no responsibility that the company may bear because of the lawsuit. |
Comments