ABU DHABI, Oct 9 (Reuters) - Abu Dhabi Commercial Bank
(ADCB) has settled a $107.13-million legal claim itfiled against indebted Zabeel Investments, which is owned by thecrown price of Dubai, two sources said.
ADCB sued last month saying Zabeel, which has hospitality,property and private equity assets, had failed to meet repaymentobligations. The case was filed in the Dubai InternationalFinancial Centre's (DIFC) court.
"They settled the full amount that they filed for at theDIFC," said one source familiar with the matter who spoke oncondition of anonymity.
Zabeel, owned by Crown Prince Hamdan bin Mohammed al-Maktoumand which once had stakes in Sony Corp and planemakerEADS , owes approximately 6 billion dirhams to mostlylocal banks. Talks on restructuring the debt ground to a halt inJanuary.
A Dubai government official confirmed last week thatstate-owned Dubai Real Estate Corp. (DREC) had taken over themanagement of Zabeel and would lead debt talks.
A DREC spokeswoman declined to comment. ADCB officials werenot immediately available for comment.
Last week, a local newspaper reported Zabeel had reached a$956-million debt deal with lenders, citing an unnamed seniorbanking source.
ADCB's move marked the second time in a month a creditorresorted to the courts to recover debt from a company owned bythe emirates top royals. Earlier in September, three of DubaiGroup's lenders began legal proceedings against the investmentfirm, part of the ruler of Dubai's personal business empire.
(Reporting by Raissa Kasolowsky, David French and PraveenMenon; Writing by Amran Abocar)
Keywords: EMIRATES ZABEEL/