A former board member of Dubai
World has won his legal battle with indebted developer Nakheel after he was denied a 15 percent
‘staff discount’ on a deal involving two villas on Palm Jumeirah.
According to documents issued to
the Dubai World Tribunal on March 23, Ahmed Butti Ahmed Al Muhairi planned to
purchase the units on the Palm and sought to use a 15 percent
staff discount available to Nakheel employees. At the time, developer Nakheel was part of the Dubai World conglomerate.
His request was refused by
Nakheel in a letter from the developer’s former CEO Chris O’Donnell, issued
nearly two months after Al Muhairi was replaced as a board member of Dubai
World as part of a reshuffle in December 2010, court documents show.
Al Muhairi, who is now director
general of Dubai Customs this week won his legal battle against the now government-owned master
developer and was awarded ownership of the two villas on the manmade
development off the Dubai coast, which was built by Nakheel.
In a statement issued by his
legal team Davidson & Co, Al Muhairi said “he is pleased with the result
and that it illustrates the effectiveness of the Dubai World Tribunal in
Nakheel, which overstretched
itself building islands in the shape of palms and other ambitious projects, was part of state-owned conglomerate Dubai World, before its ownership was transferred to be under the direct control of the government of Dubai.
Dubai World recently completed a
US$25bn restructuring with banks.