Former Nakheel exec wins case


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The former general counsel for Nakheel has won a Dh751,000 judgment against the developer.

David Nicholson, who left Nakheel at the beginning of the year, filed a case in April in the Dubai World Tribunal seeking his end-of-employment entitlements. Mr Nicholson had joined the company in Sept., 2006, part of a contingent of Australians hired during the tenure of chief executive Chris O'Donnell, who is also from Australia.

Mr O'Donnell, who left the company in June, also has a case in the Tribunal, seeking unpaid benefits worth $3.7 million (Dh13.5 million).

Mr Nicholson was repeatedly assured he would be paid the money owed, according to court documents. But after four months he still had not been received the entitlements.

At one point a company representative said money set aside for payroll had been "diverted for other payments" due to a clerical issue, according to a court filing by Mr Nicholson's attorney.

Mr Nicholson was later told he would not be paid until certain issues were resolved. Nakheel argued in a hearing last week that the company delayed paying Mr Nicholson's benefits while a review was conducted of his employment.

But a tribunal judge ruled that Mr Nicholson was entitled to his full benefits, plus interest.

Mr Nicholson's attorney and a Nakheel representative declined comment.

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Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

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