ADCB settles lawsuit against Zabeel
- United Arab Emirates: Wednesday, October 10 - 2012 at 02:28
Abu Dhabi Commercial Bank (ADCB) has settled a $107.13m legal claim it filed against indebted Zabeel Investments, Reuters has reported, citing two sources. "They settled the full amount that they filed for at the DIFC," said one source familiar with the matter. Last month, the lender filed a lawsuit with the Dubai International Financial Centre's (DIFC) court claiming Dubai-based Zabeel had failed to meet repayment obligations. Last week state-owned Dubai Real Estate Corp (DREC) took over the management of Zabeel and said it would lead debt talks.
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