Car Parks Update - September 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 as confirmed by a Court Hearing held today:

  • 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 for this has been assigned and is now live.

  • The Courts have appointed an official Expert Witness to compile a report on the case for the Court to consider. This report is likely to take approximately 4 weeks to complete. The entire Civil process is targeted for completion within 100 days.

  • 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 access to bank accounts and assets have been limited by the Courts in support of this process.

  • Mr. Karim and associates have been banned from travel overseas by the UAE Courts during this process.

Best International Group