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A former executive of SHUAA Capital is suing the entity for labour dues of AED 22 million ($6 million).
In a stock exchange filing, the investment bank and asset manager said the case had been filed with the Dubai Labour Court of the First Instance but noted that it did not foresee a financial impact due to the lawsuit “lacking legal merit”.
SHUAA said it is in the final stages of preparing its own litigation proceedings against the former executive, who shareholders also voted not to absolve of liability for the financial year of 2023.
While the executive was not named by SHUAA, Zawya reported in June that the former managing director, board member and largest individual shareholder, Jassim AlSeddiqi, was not absolved of liability for the financial year 2023.
At the same meeting, shareholders agreed not to pay current board members remuneration or shareholder dividends for 2023.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
