BEIRUT

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Abu Dhabi bank files $107 mln lawsuit against Zabeel

DUBAI: Abu Dhabi Commercial bank has launched legal action against Zabeel Investments, which is owned by the crown prince of Dubai, to reclaim $107.13 million from the troubled firm, according to court documents seen by Reuters. The bank, Abu Dhabi’s third-largest by market capitalization, filed the action on Sept. 19 in the Dubai International Financial Centre Courts, claiming breach of contract due to Zabeel’s failure to meet repayment obligations, the document said. Zabeel, which has hospitality, property and private equity assets, owes approximately $1.6 billion to mostly local banks.

 
A version of this article appeared in the print edition of The Daily Star on September 28, 2012, on page 5.

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