Latest news with #Dh338
Gulf News
19-04-2025
- Business
- Gulf News
UAE: Man overpays loans by Dh338,000, wins case against bank
Fujairah: The Federal Court in Fujairah has ordered a bank to refund Dh338,641 to a customer after it was revealed he had paid far more than what was actually owed on his loans and credit facilities. The court also instructed the bank to unfreeze his salary—held since November last year—and awarded him Dh10,000 in compensation for the emotional and financial stress he endured. Additionally, the bank must issue a clearance letter confirming he has no outstanding debts and cover all related court fees and expenses. The case began when the man, a salaried employee, noticed that his monthly salary—regularly deposited into his account—had been suddenly frozen by the bank. This was despite having no active debts at the time. According to the plaintiff, he had been a long-time customer of the bank before it merged with another institution. During that time, he received various financial facilities and paid them off diligently, with installments automatically deducted from his salary. No clear explanation Things took an unexpected turn when, after settling all his dues, the bank froze his salary without any clear explanation. To make matters worse, the bank asked him to sign new documents claiming he still owed money—something he firmly denied. Wanting clarity, the customer requested the court to assign an independent financial expert to review his banking history from the very beginning of his relationship with the institution up until the day the lawsuit was filed. The court agreed and brought in a banking expert. After a thorough review of the accounts and supporting documents, the expert confirmed that the customer had paid off all his loans and credit card balances—and had actually overpaid by more than Dh 338,000, including the withheld salary. The report also confirmed that the last deduction from his salary was made in October 2024 and that no remaining debts existed that could justify withholding his income. The bank's legal team tried to dismiss the case, arguing that the law did not allow such claims under regulations related to current accounts. But the court disagreed, ruling that this was not about correcting an account—it was about returning money that had been wrongfully taken. The case, it concluded, should be handled under general civil law. Emotional damage The court made it clear: if someone pays money they don't legally owe, they have every right to get it back. And if someone receives money they weren't entitled to, they're obligated to return it. In this case, the bank's actions—particularly freezing the man's salary—were unjustified and amounted to a mistake that warranted compensation. The court acknowledged the damage done went beyond the financial. By denying the man access to his income, the bank caused unnecessary stress and hardship—emotionally and financially. For that, the court awarded an additional Dh10,000 in damages, plus 9% annual interest on the excess amount paid, calculated from the date the claim was filed. Interest will also be applied to the compensation amount once the ruling becomes final.
Gulf Insider
19-04-2025
- Business
- Gulf Insider
UAE: Man Overpays Loans By Dh338,000, Wins Case Against Bank
The Federal Court in Fujairah has ordered a bank to refund Dh338,641 to a customer after it was revealed he had paid far more than what was actually owed on his loans and credit facilities. The court also instructed the bank to unfreeze his salary—held since November last year—and awarded him Dh10,000 in compensation for the emotional and financial stress he endured. Additionally, the bank must issue a clearance letter confirming he has no outstanding debts and cover all related court fees and expenses. The case began when the man, a salaried employee, noticed that his monthly salary—regularly deposited into his account—had been suddenly frozen by the bank. This was despite having no active debts at the time. According to the plaintiff, he had been a long-time customer of the bank before it merged with another institution. During that time, he received various financial facilities and paid them off diligently, with installments automatically deducted from his salary. Things took an unexpected turn when, after settling all his dues, the bank froze his salary without any clear explanation. To make matters worse, the bank asked him to sign new documents claiming he still owed money—something he firmly denied. Wanting clarity, the customer requested the court to assign an independent financial expert to review his banking history from the very beginning of his relationship with the institution up until the day the lawsuit was filed. The court agreed and brought in a banking expert. After a thorough review of the accounts and supporting documents, the expert confirmed that the customer had paid off all his loans and credit card balances—and had actually overpaid by more than Dh 338,000, including the withheld salary. The report also confirmed that the last deduction from his salary was made in October 2024 and that no remaining debts existed that could justify withholding his income. The bank's legal team tried to dismiss the case, arguing that the law did not allow such claims under regulations related to current accounts. But the court disagreed, ruling that this was not about correcting an account—it was about returning money that had been wrongfully taken. The case, it concluded, should be handled under general civil law. The court made it clear: if someone pays money they don't legally owe, they have every right to get it back. And if someone receives money they weren't entitled to, they're obligated to return it. In this case, the bank's actions—particularly freezing the man's salary—were unjustified and amounted to a mistake that warranted compensation. The court acknowledged the damage done went beyond the financial. By denying the man access to his income, the bank caused unnecessary stress and hardship—emotionally and financially. For that, the court awarded an additional Dh10,000 in damages, plus 9% annual interest on the excess amount paid, calculated from the date the claim was filed. Interest will also be applied to the compensation amount once the ruling becomes final.
Al Etihad
30-03-2025
- Business
- Al Etihad
MAIR Group to expand its retail and realty portfolio
30 Mar 2025 18:16 REDDY (ABU DHABI)MAIR Group, which is focused on retail and real estate sector, plans to enhance its retail operations, expand its real estate portfolio, and explore opportunities in other food-related sectors. In an integrated report submitted to the the Abu Dhabi Securities Exchange (ADX, the business group highlighted its strategic shift and significant achievements in 2024. Notably, this is the first integrated report submitted since the company's direct listing on the ADX in 2024, a key milestone in its evolution. The report details MAIR Group's growth, its vision for the future, and its unique position as the first cooperative to transition into a public joint stock company. 2024 has been a year of considerable change for MAIR Group. The most significant development has been the merger of four cooperative societies: Abu Dhabi Cooperative Society, Al Ain Cooperative Society, Delma Cooperative Society, and Al Dhafra Cooperative Society. This merger consolidated these entities under the Abu Dhabi Cooperative Society (ADCOOP) brand, which subsequently evolved into MAIR Group. This restructuring aimed to create a more resilient and efficient organisation with a stronger customer focus, the report said. The transition from a cooperative structure to a public joint stock company underscores MAIR Group's commitment to enhanced governance, transparency, and institutional growth. The listing on the ADX on December 9, 2024, represents a pivotal moment, opening avenues for increased investment and expansion. MAIR Group is a strategic investment group with a focus on developing the UAE's food sector and contributing to the growth of local communities, the report said. The company's vision is to lead the strategic development of the UAE's food and commercial real estate sectors. This is to be achieved by partnering with businesses to unlock their potential and foster economic and social prosperity. The company's mission is to shape a future of self-sufficiency for the UAE through strategic investments that combine sustainability with prosperity, the report business core business activities continue to be food retail and commercial real estate. The food retail division aims to redefine the grocery shopping experience by integrating its cooperative heritage with innovation across stores, digital platforms and private brands. This is primarily carried out through ADCOOP and its strategic partnership with SPAR, serving communities throughout the UAE with accessible, high-quality food and essential goods. The commercial real estate arm, Makani, develops and manages community-focused centres, contributing to accessibility, economic vibrancy and long-term value report indicates robust financial performance in 2024. MAIR Group's revenue reached Dh2 billion, a 48% year-on-year growth compared to Dh1.3 billion in 2023. Net profit was Dh171 million, with an EBITDA of Dh338 million. This financial growth is attributed to the successful merger of the cooperative societies and the company's strategic initiatives. The report includes statements from key company leaders, providing insights into MAIR Group's strategic direction and of the Board, Captain Mohamed Juma Alshamsi, stated: "As a result of the greater magnitude of MAIR's combined business post merger, we have seen positive growth in both revenue and profitability." He emphasises the company's commitment to creating a legacy of shared growth and success, acknowledging the UAE's strong economic performance as a key driver for MAIR Group's Chief Executive Officer, Mr. Nehayan Hamad Alameri, remarked: "As a publicly listed company, we are committed to sustainability and governance excellence." He highlighted the company's focus on enhancing its retail leadership, strengthening supply chain resilience, expanding the commercial real estate portfolio, and embedding sustainability and governance. Alameri also expresses confidence in MAIR Group's ability to deliver long-term value and contribute to the UAE's progress. MAIR Group is committed to aligning its strategy with the UAE's Food Security Strategy 2051, contributing to the nation's economic progress and the well-being of its communities, the report said.
