Car Parks Update - November 2021

The Administrators of Best Asset Management (EWS) and ABC Alpha 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 assets of the Companies (including those already identified as secured) and organise the seizure and sale of those assets. This is likely to take some considerable time in a process supervised by the UAE Courts. In preparation for this a series of Trusts have been created in the UK under the control of the Administrators of Best Asset Management for the receipt of the proceeds of this process and their correct distribution to creditors.

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 in due course.