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Gambling suit against NBAD dismissed
- United Arab Emirates: Tuesday, March 18 - 2008 at 09:34
A UK court has dismissed a claim against the National Bank of Abu Dhabi made by a London casino for gambling debts incurred by a Middle East businessman, reported Gulf News. The Arab, identified as Al Reyaysa, gambled £99 million and lost over £18 million at the Clermont Club in an eight-week period from December 1999 to February 2000, where two of his cheques, totalling almost £7 million went unpaid. The claim, filed in 2003 and asserting that NBAD is liable for the amount, was defeated by the Simmons & Simmons' finance litigation team headed by financial litigation partner Jonathan Kelly, five years after proceedings were first threatened.
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Jeff Florian, Senior ReporterTuesday, March 18 - 2008 at 09:34 UAE local time (GMT+4)
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