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Dubai, UAE

Claiming the share of profits after bluffing by partners

I am a 50% shareholder in a DMCC company. The other shareholder is withholding company profits.

They have also given themselves a large pay rise and taken money out of the company bank account.

They refuse to give me my share of the profits. I would like to know what options I have to remedy the situation.

Thanks!

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Abdelaziz Al Zaabi Advocates & Legal Consultants
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18 Jul 2020, 07:42

You can file a civil lawsuit to appoint an expert to review the accounts of the company and to know the profits of the company and the shares of the partners, and then to determine if the other partners were bluffing and took amounts for themselves more than you.

Then, you can recover your due amounts and shares to be alike and you will win and recover your profits

For further assistance, kindly contact me via phone or email.

Thank you!

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Al Safar & Partners Advocates & Legal Consultants
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18 Jul 2020, 10:13

Dear client,

Good day!

Thank you for referring the matter to us.

Please note that if you are a 50% shareholder of the company, in the memorandum, it's clear that the rights and obligations are written. If the memorandum confirms the same, you can file the corporate case.

1. Firstly, you need to hold the meeting of shareholders.

2. Pass resolution.

3. File the corporate case and investigation of the company audit.

4. Then add parties to the case when the court confirms the embezzlement of funds.

5. You reserve the right to open a criminal case for breach of trust (to be confirmed).

For further assistance, please feel free to contact us via phone or email.

Thank you!

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