الرئيسية
DUBAI, Feb 9 (Reuters) - Nakheel's former
chief executive, who had sued the indebted developer for breach
of contract, was awarded $3 million in damages by a Dubai court
on Thursday.
Chris O'Donnell, who left Nakheel last June after five
years, had sued for $3.7 million in lost incentives and
entitlement fees.
The Dubai World special tribunal had yet to decide on
900,000 UAE dirhams ($245,000) in additional costs and interest
claimed by O'Donnell.
Nakheel, the ambitious developer behind palm shaped man-made
islands, was at the center of Dubai's 2009 debt crisis when it
was owned by flagship conglomerate Dubai World. The government
took over Nakheel in 2011 as part of Dubai World's $25 billion
debt restructuring agreement with banks.
($1 = 3.6730 UAE dirhams)
(Reporting by Praveen Menon; Writing by Amran Abocar; Editing
by Dinesh Nair)
chief executive, who had sued the indebted developer for breach
of contract, was awarded $3 million in damages by a Dubai court
on Thursday.
Chris O'Donnell, who left Nakheel last June after five
years, had sued for $3.7 million in lost incentives and
entitlement fees.
The Dubai World special tribunal had yet to decide on
900,000 UAE dirhams ($245,000) in additional costs and interest
claimed by O'Donnell.
Nakheel, the ambitious developer behind palm shaped man-made
islands, was at the center of Dubai's 2009 debt crisis when it
was owned by flagship conglomerate Dubai World. The government
took over Nakheel in 2011 as part of Dubai World's $25 billion
debt restructuring agreement with banks.
($1 = 3.6730 UAE dirhams)
(Reporting by Praveen Menon; Writing by Amran Abocar; Editing
by Dinesh Nair)