Judgment in a Financial Claim for Investment Repayment

Judgment summary

The plaintiffs filed a lawsuit seeking the termination of a memorandum of understanding and the repayment of invested funds from the first defendant. They had invested AED 420,000 and AED 65,000 respectively, which the defendant refused to return upon request. The defendant argued that the first plaintiff's mismanagement of the second defendant company led to losses, negating the repayment obligation. The court found that the agreement explicitly required the defendant to return the principal amounts upon demand, irrespective of the company's financial performance. It ruled that the defendant, as the company's manager, was responsible. Consequently, the court terminated the agreement and ordered the first defendant to repay the full amounts to both plaintiffs, along with legal interest of 2% per annum from the date the claim was filed. The request for additional compensation was denied for lack of proof of further damages.