Major investor Mohamed Bin Issa Al Jaber wins the lawsuit towards Austrian Airlines and broadcasts a declare for damages within the billions towards the Lufthansa Group.
After 15 years of negotiations, the decision within the trial between the Saudi-Austrian entrepreneur Mohamed Bin Issa Al Jaber towards Austrian Airlines on the Commercial Court in Vienna was pronounced on March 31, 2023, as reported by Der Standard. The investor is now promising a declare for damages towards the father or mother firm Lufthansa, which in keeping with its personal statements will quantity to over one billion euros.
Subject of the proceedings
The background to the authorized dispute is that Al Jaber was prevented from getting into the market as an investor in 2008. The entrepreneur was supposed to present Austrian 150 million euros as a part of a capital enhance and obtain 20 % of the shares in return, reported Die Presse in 2010. Shortly after the contract negotiations had been concluded, Al jumped Jaber on the grounds that he had been “maliciously deceived” concerning the true financial state of affairs of the airline, which was badly hit on the time.
The withdrawal from the contract was legally legitimate, the industrial courtroom in Vienna has now dominated, dismissing the lawsuit for cost of 156.4 million euros plus 12.2 % curiosity per yr, which Austrian Airlines itself had sought towards Sheikh Al Jaber in autumn 2008 .
“Due to the long-term damage that Austrian Airlines’ absurd legal battle against my corporate interests has caused, I will seek compensation from the Lufthansa Group. Given more than 14 years of this futile attempt to undermine my reputation and my business damage, according to preliminary estimates, the demand should be well over one billion euros.”
Mohamed Bin Issa Al Jaber
The auditor appointed by the courtroom, Herbert Heiser, had already come to the conclusion in 2012 that Austrian Airlines ought to have reported a lack of EUR 205.5 million within the first quarter of 2008 as a substitute of a revenue of EUR 3.3 million. In the previous few many years, the airline has repeatedly needed to file poor annual monetary statements.
Al Jaber’s worldwide investments
Among different issues, Mohamed Bin Issa Al Jaber is the founding father of MBI International Holdings, a world funding firm primarily energetic within the hospitality, building, city improvement, meals and oil and gasoline sectors. The holding firm lists over $9 billion in mixed property on its web site.
MBI prides itself on being a strategically essential world participant within the areas of sustainable housing, commodity storage, meals processing and port operations. Al Jaber has additionally made a reputation for itself on the earth of luxurious resorts: JJW Hotels & Resorts is a world leisure firm with a big portfolio of resorts, luxurious resorts, eating places and golf programs.
After the primary try in 2004 failed, the Austrian by alternative acquired his second citizenship in 2007 by a call of the Council of Ministers after a sequence of funding commitments. In the identical yr, he invested round ten % of the constructing sum for the Viennese tourism personal college Modul University Vienna, the remaining shares of that are held by the Chamber of Commerce.
Due to his wide-ranging portfolio of investments, additionally in social and scientific areas, the sheikh holds numerous honorary titles, together with:
Project Aladdin Prize for Intercultural Dialogue (2017)
Awarded the Gold Medal of ISESCO (Islamic Educational, Scientific and Cultural Organization) (2012)
Gold Medal of Honor for companies to the State of Vienna for companies to civil society (2009)
Appointed UN Spokesperson for Global Forums on Government Reinvention (2007)
Awarded the Arab League Gold Medal for Education, Culture and Science (2007)
Appointed UNESCO Special Representative for Education, Tolerance and Cultures (2005)
However, his numerous authorized disputes within the firm’s 35-year historical past had been notably efficient within the media, together with, for instance, the collapsed restructuring plans of the Tyrolean ski firm Kneissl, which OTS reported on.
Source: www.nationalturk.com
