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ADCB files legal action against Zabeel Investments
- United Arab Emirates: Sunday, September 30 - 2012 at 03:27
Abu Dhabi Commercial Bank has launched legal action against Dubai-based property developer Zabeel Investments to reclaim $103.1m from the troubled firm, Reuters has reported, citing court documents. Abu Dhabi's third-largest by market capitalisation filed the action on September 19 in the Dubai International Financial Centre Courts, claiming breach of contract due to Zabeel's failure to meet repayment obligations, the document said.
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