Beirut Court Rules in Favor of CMA CGM Chief
- Business & Finance
Legal dispute between Johnny Saadé, brother of founder and chairman of French liner giant CMA CGM, Jacques Saadé, for a stake in the company, has taken another turn.
Namely, a Beirut court has thrown out a claim by Johnny Saadé upholding the appeal by CMA CGM Chief against the decision made earlier this month to freeze his company’s assets in Lebanon, writes the Loadstar.
As indicated in the ruling by the Court of Beirut, the execution of the Judgment of the Damascus Court of Appeal will be suspended in the litigation initiated by Johnny Saadé.
The previous judgement by the Court of Appeals from October, ordered payment of damages by Jacques Saadé to his younger brother and his Mistral Holding Sal worth Euros 594.7 million with 4% interest from the date of the filing of the case on June 2nd, 2013.
Order on the freeze of assets of Jacques Saadé’s Lebanese company Merit, ensued.
Merit owns a series of concerns in Lebanon, including the building where CMA CGM’s Lebanese headquarters are located.
The court decision on suspension of seizure, did not actually cancel it, according to a spokesperson of the company cited by the Loadstar, adding that activities on pushing for the cancellation are underway.
French justice had already recognized the primacy of the Lebanese decision.
The feud between the two brothers has been going on for decades now, before various courts, including those in France and Syria.
World Maritime News Staff