Car Parks Update - February 2021

You may be aware that the realisation of car park income is to some extend pending the conclusion of a related Court Case in the UAE.  This brief update is to draw your attention to Mazars report which mentions their involvement and progress in that case, albeit in respect of their responsibility for other investments.  However, the information may be helpful to those who do not follow the ABC process but do have an interest in the car parks.

 Those watching the information portal of the ABC Administrators, Mazars, will have now seen their latest update on the situation relating to the progress in recovering the pledged assets and any other shortfall from the UAE-based borrower/issuer.  For those who have not seen the update the key points highlighted by Mazars are as follows:

  •  the ABC Administrators are now joined in on the legal proceedings in the UAE

  • they mention the potential for significant recovery

  • they confirm the appointment of the Expert Witness in the UAE for the purpose of concluding the Court Case in the UAE

  • they re-confirm the continuation of other debentures for security over property in addition.

 They expect further more substantial updates on receipt of the Expert Witness report, which will be presented to the Court in the coming weeks.

 Separately, we have had some encouraging progress in the attempts to regain control of some car parks and hope to have more substantial news on this imminently.

Best International Group