GFH was awarded around $5.14 million (AED 18.73 million) in damages it received in a judgement against its former employee David Haigh.
GFH Capital has announced it will start enforcement proceedings on its former employee David Haigh’s Dubai and UK assets following a judgement in a favour of the company by DIFC courts.
In a statement, DIFC Courts ruled that Haigh, a former deputy chief executive of GFH Capital who was convicted of breach of trust by Dubai Criminal Court in 2015, must pay damages to his former employer equivalent to the sum he was convicted of embezzling from the company.
Justice Sir Jeremy Cooke, DIFC Courts’ Judge said, “The court bearing in mind the seriousness of the allegations made, is satisfied on the evidence that the defendant (Haigh) is a fraudster who caused to be paid into his own bank accounts and that of his close friend a lot of money, his conduct throughout these proceedings has been entirely consistent with that finding, in seeking to delay matters, in failing to give disclosure and in seeking to manipulate or play fast and loose with the court’s procedures.”
Following Haigh’s arrest in 2014 and subsequent criminal trial in Dubai Courts, GFH issued parallel civil proceedings in DIFC Courts, seeking the damages it believed it was owed.
In a long-running dispute comprising several appeals and counter-appeals during the past three years, Haigh has claimed he is not obliged to pay damages to GFH Capital. The latest ruling brings this chapter of legal proceedings to a close.
In a statement to (DFM), GFH expects that the collection of these amounts will have impact on GFH’s financials for the year 2018 to 2019.