Million-dollar business disputes settled amicably

A local newswire reported thatThe Amicable Settlement Centre (ASC) at Dubai Courts settled business disputes of11 parties of total value of AED25.6 million.A commercial dispute had been registered by three traders. However, after investigating the dispute, the ASC found out that eight parties other, some of them abroad, were also involved.The three disputants had asked for appointing an auditor to help solve accounting disputes, said Mohammed Amin, director of ASC.

He said that after receiving the auditor's report, ASC found out that the accounting dispute is not limited to the three parties but extended to eight other companies, some of which were outside the UAE. The ASC reached a settlement that the eleven parties agreed on and so all complaints, including a complaint lodged with the police and another that is being investigated by Dubai Prosecution, are considered cancelled, he said.