By Alex Baldwin (July 26, 2022, 6:07 PM BST) — Dubai’s state-owned Emirates NBD Financial institution PJSC is suing an Emirati nationwide in London, asking the court docket to rule that he nonetheless owns property he transferred to his son because it chases a £41.8 million ($50.1 million) cost for a mortgage he assured.
The financial institution alleges that £2.5 million from Rashed Abdulaziz Almakhawi’s U.Okay.-based HSBC account and a London property that he gave to his son in 2019 weren’t “items,” and that he was trying to offload the property earlier than a Dubai court docket may implement an order requiring him to pay again the debt.
Almakhawi additionally transferred possession of a Dubai…
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