Nakheel’s The World to refund $15.5m to investor
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Ruling stipulates that developer returns money paid to keep plots off the market
The World LLC, a subsidiary of Nakheel, has been ordered by The Dubai World Tribunal yesterday to repay $15.5m to an investor who used the money to reserve three islands on the man-made archipelago in the shape of a world map off of Dubai’s coast.
According to the ruling, The World is to give back money that Shokat Mohammed Dalal had paid in 2008 to keep the plots off the market, as he negotiated for their purchase.
The ruling also said there was no agreement between Dalal and The World stipulating that he was not free to withdraw from the arrangement and have his money returned.
