‘Travelling’ lawyer puts defamation trial on hold



ABU DHABI // The case of a man accused of defaming UAE judicial procedures has still not begun after three hearings.

N F, 27, an Emirati, is accused of spreading false rumours on his personal Twitter account by referring to the 2012 sedition trial – in which a group of men were convicted for running a branch of the Muslim Brotherhood – as a “judicial farce”.

It is alleged he also publicly insulted members of the Royal Family online and showed support for the Muslim Brotherhood, which is banned in the UAE.

The previous two hearings at the Federal Supreme Court were delayed because N F had not appointed a lawyer. The defendant had said he could not afford one.

Judge Falah Al Hajeri refuted this, saying that N F’s monthly salary from his government job meant he could afford the lawyer’s fees.

On Monday, N F said he had appointed a lawyer, but he was travelling that day and could not attend the hearing.

“I request an adjournment so I will be able to continue with the procedures. I also request a copy of the case files so I can assist the lawyer,” said N F.

The judge agreed to his requests and adjourned the case to June 8.

aalkhoori@thenational.ae

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The Freedom Artist

By Ben Okri (Head of Zeus)

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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