By Tom Arnold
Dubai investment bank confirms legal claim against Orion Holdings Overseas.
Shuaa Capital said it had filed a legal claim against Orion Holdings Overseas (OHO) related to losses of AED 115.9m ($31.5m) through investment in the Dubai-based financial services company.
Dubai investment bank Shuaa, which acquired a 20 percent minority shareholding in OHO in February 2008, filed the claim at the Dubai International Arbitration Centre against OHO and its chairman Mohamed Abdel-Khaleq Mohamed Abu Al Haj, it said in a statement on Wednesday evening.
Petra Invest, a shareholder in OHO and a company related to Abu Al Haj, had filed a claim with the Dubai International Financial Centre’s (DIFC) Courts against Shuaa in a related matter, it added.
Petra’s filing was a “nuisance claim” that was “without merit” and would be “vigorously contested”, Shuaa said.
Shuaa’s stake in Orion, which also included controlling stakes in five broker subsidiaries of OHO, was worth AED 193m, according to OHO at the announcement of the deal last year.