A former high-ranking executive of SHUAA Capital has launched a lawsuit demanding AED 22 million ($6 million) in unpaid labor dues. Although the individual’s name was not disclosed in the court filing, it is widely believed to be Jassim AlSeddiqi, the former managing director, board member, and largest individual shareholder of the company.
In response to the claim, SHUAA Capital has filed a notice with the Dubai Labour Court of the First Instance, asserting that the lawsuit lacks legal grounds and is not expected to have any financial repercussions. The investment bank and asset manager is also preparing its own legal action against the former executive. Notably, shareholders recently chose not to absolve AlSeddiqi of financial liability for the fiscal year 2023.
Additionally, during the same shareholder meeting, a decision was made to withhold both remuneration for current board members and shareholder dividends for the year 2023.
