Don’t miss the latest developments in business and finance.

Indian in Saudi gets USD 11.7 million compensation

Image
Press Trust of India Dubai
Last Updated : Mar 14 2014 | 5:03 PM IST
An Indian businessman in Saudi Arabia will get a hefty compensation of USD 11.7 million from a local citizen over a business project dispute, a Saudi court has ruled.
The Indian, an investor at a medical facility, had originally come up with an idea to launch a full-scale hospital after which construction began and staff from India and Pakistan was recruited, the Arab News reported.
A dispute, however, erupted between the Indian and his Saudi partner, resulting in the project getting stalled.
The Indian, who was not named, then approached the general court in Jeddah and his lawyer requested police involvement in the case of non-compliance, according to sources.
Justice Sami Al-Atiq, who issued the verdict, said the settlement must be done within five days.
"The court directed authorities to implement the court order within five days. The defendant will be banned from travelling or having any power of attorney if he fails to comply with the ruling," a source quoted by the newspaper said.

More From This Section

First Published: Mar 14 2014 | 5:03 PM IST

Next Story