Latest news with #Dh200
Gulf Insider
3 days ago
- Business
- Gulf Insider
UAE Central Bank Imposes Dh18m Fines On Two Foreign Bank Branches
The Central Bank of the UAE (CBUAE) has imposed a total of Dh18.1 million in financial penalties on two UAE branches of foreign banks for violations related to anti-money laundering (AML) and counter-terrorism financing regulations. The first bank was fined Dh10.6 million, while the second was issued a penalty of Dh7.5 million. The sanctions were issued under the law governing anti-money laundering and combating the financing of terrorism and illegal organisations in the UAE. According to the CBUAE, the penalties follow examinations that revealed the two branches failed to comply with the UAE's AML legal framework and related regulatory requirements. The move follows a week after an exchange house was fined Dh200 million. The investigation found major problems in the exchange house's anti-money laundering and terrorism financing controls. The branch manager was also fined Dh500,000 and banned from working in any licensed financial institution in the UAE. The Central Bank stated that it is committed to ensuring that all financial institutions operating in the country adhere to applicable laws, regulations, and supervisory standards. It said this is essential for maintaining transparency in financial transactions and safeguarding the integrity of the UAE's financial system. The identities of the sanctioned banks were not disclosed.
NDTV
5 days ago
- Business
- NDTV
UAE Man Fined Rs 16 Lakh For Negative Review Against Business Online
A UAE man has paid a huge price for posting disparaging remarks against a business on social media. The Al Ain Court for Civil, Commercial, and Administrative Claims ordered the man to pay the business owner Dh70,000 (approximately Rs 16.21 lakh) for inflicting financial losses. The businessman filed the lawsuit and initially sought Dh200,000 in damages for material and moral harm, court costs and legal fees. He alleged the man's remarks damaged his store's reputation and significantly reduced sales, Gulf News reported. The court acknowledged the man's remarks about the business harmed the company's reputation. The defendant was earlier found guilty in a criminal court ruling before filing a written defence asking the court to dismiss the case. He also asked the Federal Tax Authority to furnish the company's tax records to verify whether there had been a decline in sales during the period of the claimed defamation. The man also provided supporting documentation, such as images of internet conversations and a certificate of dependent status. The defendant also sought to recoup legal fees. However, the court concluded that the man had committed defamation, affirming the previous ruling. He was mandated to compensate the merchant with the designated amount. In a similar case in 2024, a man from Northern Ireland was sentenced to up to two years in prison in Dubai for posting a critical review of a dog grooming business. Belfast native Craig Ballentine was arrested on "slander" charges after he posted a critical review following a dispute with his previous employer. Ballentine lost his job and faced a travel ban for two months. He had to pay thousands of pounds to get it removed. The man then returned to Northern Ireland and wrote a critical online review outlining all of his grievances with the grooming centre and his former supervisor. Later, he was arrested while on vacation with friends in Abu Dhabi.
Hindustan Times
24-05-2025
- Business
- Hindustan Times
UAE man fined over ₹16 lakh for posting negative online review against business
A young man in the UAE has been ordered to pay Dh70,000 (approximately ₹16.21 lakh) in compensation for posting defamatory remarks on social media that damaged a business's reputation and led to financial losses, reported Gulf News. Also read: South Korean mother reunites with abducted daughter after 44 years, now suing government over illegal adoption The Al Ain Court for Civil, Commercial, and Administrative Claims delivered the verdict after the owner of a commercial establishment filed a case, stating that the man's online comments had tarnished his shop's image and caused a significant drop in sales. The claimant had initially sought Dh200,000 in compensation for both material and moral damages, along with legal expenses and court fees. According to the complaint, the man had posted harmful comments about the business on a social media platform, which the court confirmed had negatively impacted the company's reputation. The defendant had already been found guilty of the act in a previous criminal court ruling. Also read: 'Spookiest s**t ever': AI blackmails engineer over affair after being told it'll be replaced During the civil proceedings, the man submitted a written defence urging the court to dismiss the compensation claim. He also requested the Federal Tax Authority to provide the business's tax records to determine whether there had truly been a drop in sales during the time of the alleged defamation. Additionally, he submitted supporting documents, including a dependent's certificate and screenshots of online chats. Also read: Indian Harvard student fears future after Trump admin blocks international enrolments: 'I don't know where I'll go' However, the court upheld the earlier judgement and concluded that the man had indeed committed defamation. He was ordered to pay Dh70,000 to the businessman as compensation. Also read: 'I am not dead yet': Woman in China falls from 12th floor, calls husband for help from ground
Gulf Insider
23-05-2025
- Business
- Gulf Insider
UAE: Court Asks Man To Pay Dh70,000 For Social Media Comments
Posting defamatory comments on social media has come at a heavy price for a man in the UAE. The Al Ain Court for Civil, Commercial, and Administrative Claims has ordered a young man to pay Dh70,000 in compensation to the owner of a commercial establishment for damaging the shop's reputation and causing financial losses through defamatory comments posted on a social media platform. The case was brought by a businessman who demanded Dh200,000 in compensation for both material and moral damages, in addition to court fees and legal expenses. In his complaint, the claimant stated that the defendant had tarnished the reputation of his business by publishing statements that harmed its standing and resulted in financial loss. These statements were posted as comments on a social media platform. The defendant had already been convicted for this act under a criminal court judgment. In response, the defendant submitted a written defence requesting the court to dismiss the case. Alternatively, he asked the court to contact the Federal Tax Authority to provide the company's tax returns for the period during which the claimant alleged a decline in sales due to the defendant's actions. The defendant also sought to recover legal costs and enclosed documents, including one of the dependent's certificates and screenshots of online conversations. In its judgment, the court noted that defendant had already been proven guilty in a previous judgment, finding him guilty of defamation. The court also ordered the defendant to pay the claimant Dh70,000 in compensation.
Gulf Insider
21-05-2025
- Automotive
- Gulf Insider
UAE Air Taxi Trials to Begin This Year
The UAE will see air taxi trials take off this year as it prepares for next-generation transport. Dr. Talib Alhinai, General Manager of Archer Aviation, said that the trial flights of the company's first fully electric vertical takeoff and landing (eVTOL) aircraft 'Midnight,' is set to begin before the end of 2025. Speaking on the sidelines of the 'Make it in the Emirates' forum, Alhinai said the aircraft marks a major step in the country's urban air mobility goals, with operations set to begin in Abu Dhabi ahead of full commercial rollout. He said that Archer recently opened a manufacturing facility in Georgia, USA, boasting an initial annual production capacity of 650 aircraft with plans to scale up to 2,400. Regarding potential manufacturing in the UAE, Alhinai said the company has already signed a framework agreement with the Abu Dhabi Investment Office to establish a research centre and explore local production, with further details to be announced soon. Designed for sustainable urban transport, Midnight can carry four passengers and a pilot, operates entirely on electric power, and takes off and lands vertically like a helicopter. However, its design and operational profile are tailored for efficient short-distance flights in the UAE. Alhinai said initial test flights will take place in unpopulated areas, gradually expanding to urban zones as part of the phased approach to full deployment. A formal date for commercial service has not been set. He said that the specific date for the commencement of commercial service has not yet been determined but will be announced in due course, pending the completion of all necessary technical and operational requirements On the aircraft's technical features, Alhinai explained that Midnight is equipped with a fixed wing and 12 electric motors—six at the front and six at the rear. The front motors can rotate between 90 and 0 degrees, facilitating a seamless transition from vertical ascent to horizontal flight in 45 seconds. Also read: UAE Central Bank Imposes Dh200 Million Fine On Exchange House
