Dar Takaful pays Dh30m in Salah Trading lawsuit

Dar Al Takaful has said in a statement to the Dubai Financial Market that it has deposited a cheque for Dh30.15m with the court in accordance of the Dubai Court of Appeal’s affirmation of the primary verdict concerning Case No. 740/2010 between Takaful House and litigants Salah General Trading.

The amount represents value of fire insurance on the litigants’ insured repositories. Dar Al Takaful also said in the statement that it is in the process of filing an appeal against the judgment before the Court of Cassation.

Dar Al Takaful first announced in August 2009 that one of its clients has filed a Dh30m claim against it to cover for the damages caused by a fire in its warehouse. On October 26, 2009, Dar Al Takaful announced that the court issued a verdict against the company to pay for the damages incurred. The company had then said it would re-appeal against the court’s order.

Later, on August 30, 2010, Dar Al Takaful announced that the court had rejected its re-appeal regarding paying Dh29,987,934 to Salah General Trading Company. The company had then said it would re-appeal to the court’s decision.

Dar Takaful on Tuesday said that it had paid Dh30,148,653.75 to Salah General Trading Company.