Mubasher: Dubai Islamic Bank (DIB) has won a lawsuit of a $2 billion claim brought against it in the English Commercial Court by Plantation Holdings, a holding company owned by an Argentinian-resident property developer.
Baker McKenzie, the global law firm, has successfully acted for DIB, according to a recent statement.
“The claim was based on allegations of breach of contract and breach of the bank's duties as mortgagee in possession of a 20 million square foot plot of land on the outskirts of Dubai, which Plantation had planned to develop into a high-end luxury lifestyle and equestrian complex. The bank took security over the project as part of the restructuring of a $500 million debt owed to it as a result of a complex receivables financing fraud,” the statement said.
