The Abu Dhabi Commercial Court has asked a man to pay AED 500,000 to partner for illegally selling company shares.
The businessman has been ordered to pay compensation for misusing power of attorney to sell company shares even when they had equal shares.
The partner, an Arab man, filed a lawsuit against his business partner demanding AED 2.5 million in compensation and the plaintiff explained that he had been a partner with the defendant since 2011 and each of them had 50 per cent share in the company.
The man worked for a different firm and gave him the powers of attorney and their Memorandum of Understanding (MoU) detailed their business relationship.
In 2015 the defendant usurped company profits prompting the plaintiff to file a lawsuit against the defendant with the Abu Dhabi Commercial Court.
The Court ordered the defendant to pay the plaintiff the delayed interest at the rate of 5 percent annually of the AED 5.2 million
