I opened a restaurant with my colleague and each of us invested Dh140,000 ($38,121) in the venture. I took out a personal loan to fund the business set-up costs.
I was the investing partner while my colleague was the working partner.
A few weeks after the restaurant opened, we had a lot of arguments because I noticed some fraud in the accounts and initial set-up expenses from his end.
Therefore, I decided to exit the business and demanded my money back.
However, he is refusing to pay back my money or even a part of it.
The trade licence was in the sponsor's name, so I could not do anything. I paid him the money in cash as I trusted him.
However, I have a mutually signed agreement that mentions the Dh140,000 paid to him. How can I get my money back? I have already started paying the instalments for the loan. KV, Sharjah
Debt Panellist 1: R Deepakchandran, group head of retail products at Emirates NBD
Venturing into a business partnership is an exciting endeavour, but one that demands careful planning and preparation.
It is crucial to ensure that all legal documents are in place to minimise risks and protect the interests of all parties involved.
When it comes to partnerships, there are professional consultancies that can guide you through the process, ensuring that the necessary documents are organised and in order.
These experts can provide valuable insights and advice on how to structure your partnership agreement to protect your investments and minimise potential conflicts.
If the business requires additional financing, it becomes even more important to exercise caution and ensure thorough documentation.
Take the time to carefully consider how the loan is structured and understand its implications on both your personal finances and the business as a whole.
In your current situation, where business obligations have fallen on your personal debt and involve fraudulent practices, the best recourse is to reach out to a legal and accounting team to provide valuable insights and help you to navigate the complexities of your situation effectively.
While navigating this challenging situation, it is crucial to be proactive and communicate with your bank.
Discuss the circumstances with your bank and explore options on how you can continue to service your loan.
By maintaining open lines of communication, you can demonstrate your commitment to resolving the situation and mitigate any negative impact on your credit history.
Debt panellist 2: Jaya Ratnani, managing partner at Freed Financial Services
Since this is a personal loan taken against your salary, you will be liable to make the monthly instalments regularly to avoid any legal consequences with the bank.
If you have a mutually signed agreement and proof of payment to your colleague, you may be able to take legal action to get your money back. Here are some steps you can take:
1. As a first step, seek advice from a lawyer. They can help you understand your rights and obligations under the law and advise you on the best course of action.
If your colleague refuses to repay you, you can consider filing for arbitration or mediation
Jaya Ratnani,
managing partner, Freed Financial Services
2. You can send a formal demand letter to your colleague, outlining the terms of the agreement and your demand for repayment. Make sure you include a clear deadline and the consequences if the demand is not met.
3. If your colleague refuses to repay you, you can consider filing for arbitration or mediation. These are alternative dispute resolution mechanisms that are often more economical and faster than litigation.
4. If all else fails, you can file a civil case in a Dubai court. However, keep in mind that this can be a lengthy and expensive process.
It is important to gather all the relevant documents, including the signed agreement, proof of payment, any written correspondence and any other relevant evidence that supports your claims. Have them all organised and ready for presentation to your lawyer.
Debt panellist 3: Hannah Greenwood, chartered financial planner and senior executive officer at Finsbury Wealth
You mentioned that you and your colleague have a mutually signed agreement that includes the Dh140,000 paid to him.
This agreement will play a crucial role in determining your rights and obligations as partners.
I would recommend that you also gather all relevant documents, including financial records, receipts, bank statements, and any correspondence or communication related to the investment.
This evidence will be crucial in supporting your claims and strengthening your case.
You also mentioned that you believe there had been fraud. Breach of trust and fraud are criminal offences in the UAE.
If someone is found guilty of breach of trust or fraud in the UAE, they can face penalties such as imprisonment, fines or both, depending on the severity of the offence.
Therefore, you may be able to open a criminal case against your business partner.
In both instances, I would seek legal counsel or mediation to try to reach a settlement. If you are unable to afford legal assistance, you may also be able to have access to a lawyer on a pro bono basis.
Finally, I would also suggest going to the bank where you took out the loan to discuss if there is any flexibility for the repayment plan of the loan while you try to ensure the matter is resolved.
Your bank may be able to increase the term of the loan to reduce your monthly instalments.
I hope you get the matter resolved quickly.
The Debt Panel is a weekly column to help readers tackle their debts more effectively. If you have a question for the panel, write to pf@thenationalnews.com
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tonight's Chat on The National
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Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
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