Wednesday, August 11, 2010

Dubai Real Estate dense Sued by Lehman Over exchanges agreement

Dubai Investment Commercial Operations Group LLC, a real estate and hospitality group owned by the emirate’s ruler, was sued by Lehman Brothers International Europe in excess of the worth of exchange transactions.

LBIE, which is in management in the U.K., filed the lawsuit in London, according to courtyard papers. The case is “a straightforward financial dispute concerning the valuation of convinced swap transactions enter into between theparties,”LBIE’sadministrators, Pricewaterhouse Coopers LLP, said yesterday in an e-mailed declaration.

The worth of the transaction is $24 million, Dubai Holding Commercial said in a statement today. The company said it “disputes LBIE’s maintain” over the “close out worth of convinced swap transactions that have been finished” and “intends to energetically guard the case.”

Dubai Holding Commercial reported a full year loss of 22.8 billion dirhams on June 1, compared with a year previous profit of 10 billion dirhams after property prices there fell. The company last month got a two month conservatory on its $555 million recognition line that was about to mature. Its parent, Dubai Holding LLC, and its units owe banks $12 billion and began talks to roll over some of the loans, a person with acquaintance of the matter who decline to be recognized said in May.

LBIE’s parent, New York based Lehman Brothers Holdings Inc., had more than 900,000 plagiaristic conventions dazzling when it filed insolvency in 2008 listing $613 billion in debt.

1 comment:

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