Nakheel in tribunal win over 'The World' contractor

Penguin Marine Boat Services has been ordered to pay US$2.7m to indebted developer

peter

penguin should call nakheel that they need to be reasonable and write off 85% of the money. it's just fair, nakheel handles their debts the same way!!!

Sam from Canada

Nakheel does not deserve a dime as no marine services could have been provided cos Nakheel screwed up and did not perform. So, Penguin has the right to respond in kind.

Judgement is neither just nor fair by any measure.

obaid

This is so funny (not for Penguin off-course).

Sam

Its tragic, not funny. Its also injustice and non-performance (by Nakheel).

Red Snappa

Presumably this was a watertight contract with no real get out or sanity clause, so I assume Penguin are paying two years' back license fees, but does this mean all fees are cancelled from here on in. The Dubai World Tribunal is generally pretty evenhanded in its deliberations.

The truth of the matter is, little has happened on The World for a while now, a flurry of activity in Kleindiensts 'Heart of Europe' multi-island cluster then litigation, some beach club development on 'Lebanon,' but nobody else really building. So I suppose that small amount of activity, plus raw island upkeep, was enough to justify that the Penguin agreement should still be in place?



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