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$21m claim against UBS dismissed by Dubai court

A $21.4m by a member of Kuwait's ruling family against UBS AG has been dismissed by a Dubai court, Reuters has reported. According to the lawsuit by Sheikh Meshal, the Swiss bank failed to pay him for helping it become lead arranger on a $9bn asset sale by Kuwaiti telecoms operator Zain. Justice Sir David Steel described Sheikh Meshal in the written verdict as a witness, in whose evidence it was "difficult to have confidence ... his evidence in some respects did not just appear evasive but was demonstrably unreliable." "There was no motive for the bank to seek help in its engagement as financial advisor to Zain let alone at substantial financial cost," Justice Steel wrote.