The Joint Administrators of Best Asset Management Ltd (EWS) and ABC Alphas Business Centres (UK) Limited (Mazars) have for some time been seeking the agreement of the Courts in the UAE that a significant sum is due in respect of a number of investments made in companies controlled by Mr. Imran Karim, including ABC Business Centres and Car Parks. We are pleased to report that on the 27th October 2021 the Dubai Court of First Instance (case 261/2021) ruled that The Property Store and Alpha Business Centres must pay an amount in excess of £40million.
Following this award, work in the UAE must now begin to identify the secured, pledged and other assets of the Companies and organise the seizure and sale of those assets. This is likely to take some considerable time. In preparation for this a series of Trusts have been created in the UK under the control of the Administrators of Best Asset Management Ltd for the receipt of the proceeds of this process and the correct distribution to the investors in car parks and ABC Corporate Bonds.
While this award is significant, there are also other ongoing legal and liquidation actions to increase the value of the claim, and these will continue.
This important result is the first step in beginning to recover and return funds to car park owners and creditors to ABC.
Further updates will be circulated by the Trustees and their representatives as recovery progresses.