Shuaa Capital faces with AED 22 mn lawsuit from former executive

Shuaa Capital faces lawsuit from ex-executive: The Dubai Labour Court of First Instance notified Shuaa Capital of a lawsuit filed by a former executive seeking approximately AED 22 mn in severance, according to a DFM disclosure (pdf). The case is still in the early stages, according to the disclosure.

Shuaa challenges the lawsuit: “The company does not foresee any financial impact given its beliefs that the claim lacks merit based on preliminary assessments,” Shuaa said in the disclosure, adding that the company intends to contest the lawsuit and “is in the final stages of commencing litigation proceedings against the former executive.” Shuaa’s shareholders voted not to absolve the former executive of liability for FY 2023.