Decision ID: 003533

In October 2008 the 1992 Fund Executive Committee and the 1971 Fund Administrative Council noted that in a judgement rendered in March 2008 the Abu Dhabi Court of first instance had decided that the owner of the Al Jaziah should pay the 1992 Fund and the 1971 Fund the amount of Dhs 6.4 million (£870 000), the amount the be distributed equally between the two Funds. It was noted that the Funds had been informed by their lawyers in the United Arab Emirates that the shipowner had debts of some Dhs 63 million(£9.8 million), including the amount awarded to the Funds, and that it would in the present circumstances be very difficult to recover the amounts awarded by the Court. The Executive Committee and the Administrative Council instructed the Director to approach the shipowner to discuss a settlement, taking into account his financial situation.