DUBAI—Dubai Islamic Bank PJSC, the emirate’s largest Shariah-compliant lender, faces a $651 million legal battle in Bahrain with four businessmen who it accuses separately of fraud in Dubai, legal documents show.
Bahrain resident Charles Ridley and business partners Ryan Cornelius, Erin Nil and Arthur Fitzwilliam have filed a civil suit in Manama requesting a precautionary attachment order on 245.5 million Bahrain dinars ($651 million) of the Islamic bank’s funds held by the Central Bank of Bahrain, according to the filing.
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