Abu Dhabi: Abu Dhabi Court of First Instance has begun distributing money collected from the fraudulent savings fund run by Qabalan to the investors.
The process began on Sunday and will continue until April 28, according to a statement from the Abu Dhabi Judiciary Department.
Each investor will get about 30 per cent of the total invested amount, and investors' rights to claim compensation from the defendant will be preserved.
They can file cases against the defendants before the competent civil court.
Thousands of investors, who lost their life savings in a bogus multi-million dirham investment portfolio run by A.A. Qabalan, had been called for sharing out proceeds from the fraudulent fund.
A committee, made up of representatives from the UAE Central Bank, Abu Dhabi Judiciary and Abu Dhabi Police, had earlier entrusted the police to summon all shareholders in order to sign a statement showing their consent to the pro rata deal to get back their deposits.
The total amount collected by the committee reached Dh134 million, out of the total Dh950 million invested in the bogus portfolio by some 5,200 investors.
