Car Parks Update - August 2020

According to an update provided by Ali Obaid Alshamsi, Best Asset Management’s legal representatives in the UAE, and A&NBK debt recovery consultants in the UAE, we can confirm the following.:

  • The UAE Courts have confirmed that the most appropriate process to pursue the debts and assets associated with ABC and Car Park assets is a civil action, and have consequently given their consent for a Civil Action against Mr. Imran Karim and his connected associates and companies to commence. A case number has been assigned for this and is now live.

  • The next court hearing in this process will take place before the end of August, and the court have set expectations that the civil process should last a maximum of 100 days. Evidence gained during the criminal process will be valuable in prosecuting a civil claim.

  • The move to a civil process has allowed A&NBK to immediately start the process of advising on the transfer of the first of the assets on the ABC security schedule into a structure that will allow it to be managed and ultimately sold for the benefit of ABC (UK) and its creditors, and also for the benefit of Car Park owners. The process requires assessment of any overdue taxes or charges on the property, tax efficient transfer arrangements and valuations prior to implementing the realisations.

  • Mr Karim’s movements and access to bank accounts and assets have been limited by the courts in support of this process.

Best International Group