Questions & Answers
Holding profits for inherited shares of the father in a company
Hi Hari
My name is Ahmed A., I reside in Canada with my family.
8 years ago, my father passed away in Dubai. He has an Auto garage with shares with a local partner and my two uncles, with my father and the local partner having the majority of share at 24% and 51%.
Soon after my dad passed away, we got our inheritance papers made at Dubai Courts. It's been 8 years since we got even a penny from my uncles. Now, they are pushing us to sell our shares below the market value.
They are being very hostile towards us, threatening us if we do not sell, they can have the trade license terminated. I am a Chef here in Kingston, Ontario.
It is very hard for me to drop everything and chase matters in Dubai. Please advise if the threats are true and I should sell my shares.
If you can email, it will be greatly helpful.
Thank you
Ahmed A.
Dear Mr Ahmed,
Thank you for getting in touch with me on this.
I understand your situation and completely I do not agree that your uncles can coerse you into selling the shares against your own will.
Considering you have inheritance certificate from Dubai Courts, you can file a case against your uncles and the owner of the company to share the profits with you for the previous years.
Do not sell the shares against your will.
I trust you should hire a lawyer or representative to appear on your behalf and claim your rights.
You can email me for further assistance and query.
Regards,
Hari Wadhwana
