A British national being sued for $5 million by a subsidiary of Bahrain-based Gulf Finance House (GFH) has had his assets frozen by UK courts.

Former GFH Capital deputy chief executive David Haigh is accused of a breach of contract and siphoning off funds 'by creating or procuring the creation of false invoices,’ said a report in the Gulf Daily News (GDN), our sister publication.

He allegedly misappropriated funds by forging and approving payment to at least four companies linked to accounts in his own name between April 2013 and March 2014, when he resigned.

While legal authorities in Dubai are pursuing criminal charges against Haigh, GFH Capital has filed a civil suit seeking $5 million in damages, plus interest, costs and 'other relief as the court thinks fit' at the Dubai International Financial Centre Court of First Instance.

The London High Court issued a ruling to freeze his assets on Wednesday following a similar Dubai order.
Haigh's spokesman said a team of attorneys will try to overturn the decision.

'The UK Courts in effect have just followed the Dubai freezing order and Haigh's legal team is currently taking steps to prepare for setting aside of the Dubai order, which will be relevant to the English proceedings,' he said in a statement yesterday.

'The principal basis of the set aside application will be reliance upon a leading handwriting expert report where the preliminary view is that signatures purported to be those of Haigh are not genuine.'

Haigh has been 'held for an unlimited period in custody without any criminal charges being brought against him' since May. GFH officials could not be reached for comment when contacted by the GDN. - TradeArabia News Service