Dubai panel resolves Hamarain Centre ownership issue

The Expertise Disputes Settlement Department affiliated to the Court of the Ruler of Dubai has played a key role in ending a judicial dispute between the heirs of Kuwaiti businessman Yusuf Rashid Borseli and the heirs of Emirati businessman Rashid Saif Hamarain.

The dispute has lasted almost 25 years, an official source told ‘Emirates24|7’, adding that the settlement department is the real unknown soldier in this case.

The source, who preferred to remain anonymous, said that Dubai Courts judgment used two reports of the settlement department to issue judgment.

The reports came after 200 meetings were conducted by the panel and 10,000 documents reviewed.

The panel also travelled across the UAE meeting banks and other parties involved.

The conflict concerns the ownership of the Hamarain Centre and the Marriott Hotel, at the centre, in Deira, Dubai.

It has now been concluded that the heirs of Kuwaiti businessman Yusuf Rashid Borseli have the right of ownership to 80 per cent of centre and hotel, and all proceeds thereof.

The heirs of Emirati businessman Rashid Saif Hamarain are rightful owners of the remaining 20 per cent.

Dubai Courts’ use of the panel’s reports to issue judgement concern the first report that proved the existence of real companionship between the parties of the conflict.

The second report shows the details of revenues and expenses for the centre and hotel from inception.

The source explained that the concept of real companionship is based on a relationship between the two parties where the first party gives the second party funds to invest, but without papers or documents evidencing such business transactions.

He confirmed that's what happened when the late Kuwaiti investor gave Rashid Saif Hamarain funds to be invested in the two projects.

He also added that the Kuwaiti businessman granted his Rashid Saif Hamarain the power to establish and manage the bank accounts of the two projects (Hamarain Centre and the Marriot hotel).

The source revealed that the department formed a committee of three experts that prepared reports based on building permits and Dubai Land Department documents, among other documents

The Kuwaiti investor's heirs stated that after the death of Yusuf Rashid Borseli in 1995 they discovered documents that showed that Rashid Saif Hamarain owns Borseli’s legacy at Hamarain Centre.

The Court of Cassation referred the case to the Dispute Settlement Department to determine the financial value for the heirs of each party.

(Image via Shutterstock)

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