Tuesday, July 28, 2009

Ah, Gulf News told to pay up. £1 million!

London Times reports....
AN EDINBURGH property developer has been awarded more than £1m in damages and costs against a Dubai newspaper after it wrongly said that he had deceived Middle East investors.

Mark Emlick, chairman and founder of Dunedin Independent, one of Scotland’s largest privately-owned independent financial advice businesses, won his case against the Gulf News in the High Court in London this week.

He brought the case for defamation of character after Gulf News reported in April last year that he and a partner were being sought in Dubai and in the UK by investors who claimed he had absconded with their money after a property deal that involved his company Strategic Property Investment group (SPI) went sour.

In fact, SPI had returned all the money owed to investors plus 5% interest, after it pulled out of the deal due to rising prices in the Emirate.

Emlick refused to disclose the amount he had been awarded but, along with his legal costs, it is estimated to have been more than £1m.

He said: “Anyone in business will tell you that your reputation is your most important asset, so to have that called into question was deeply concerning. I’m fortunate that I was able to bring a case to the High Court, but there are many people who would have been left high and dry, with their reputation in tatters.”

Emlick still has investments in Dubai.

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