A property development company Equity Properties has approached the high court to help them obtain title deeds to an upmarket residential property from businessman Jayesh Shah’s AL Shams Global BVI firm which they claim the businessman obtained illegally Daily News reports.
In the court papers submitted to the High Court Equity Properties read:
The first respondent (Equity) at all material times believed Interfin Bank to be in possession of their title deed as they had not satisfied their obligation. The first respondent then entered into a settlement agree- ment with Interfin Bank for full settlement of their debt and for the return of the respondent’s title deed within 10 days on or about December 2015.
Interfin Bank agreed to return the title deed within 10 days after the first respondent had fully repaid the loan, but af- ter the first responded had fully repaid the loan as stated above Interfin Bank failed to return the title deed to the first respondent. It was at this stage that Interfin revealed that the applicant (AL Shams) was holding onto the title deed and was refusing to return it despite request for it to do so.
More: The Daily News
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