Twist in Dynasty Zarouni case see plaintiffs paying

In a dramatic twist to the Dynasty Zarouni property case, five of the twelve plaintiffs have paid back more than Dh10 million of installments due to the company besides going back on their overall claims made.

Twelve investors of Indian, British, Sri Lankan nationalities had originally complained that Dynasty Zarouni, its Emirati partner HMZ, CEO and managing director KM, and its British executive RG sold them units that never existed and thus cheated them.

Ayman Merdas, a defence lawyer told Emirates 24|7 that it has been clarified to the Prosecution that the company was not the developer but only a buyer from the master developer.

But the plaintiff had argued that they were sold units when the firm was not licensed to do so.

However, in its report submitted to the prosecution, the Land Department stated that Dynasty Zarouni is in fact licensed to re-sell properties and had met all financial obligations to the master developer, the lawyer said.

The prosecution had then dismissed the plaintiffs' argument based on the statement made by the Land Department. The plaintiffs subsequently made an appeal to the court to re-examine the prosecution's decision.

At Thursday's hearing, the five plaintiffs who were major buyers made the payments amounting to Dh10 million towards installments they had stopped paying ever since they started the litigation against the firm.

“In our defence memorandum today, we have refuted the plaintiffs' claim and proved the company’s authority to re-sell properties and that the company had met all financial obligations to the developer,” Merdas said.

Dr Habib Al Mulla, one of the plaintiff lawyers confirmed payments.

The Misdemeanour Appeal Court adjourned the case until end of October.