Sailors abandoned for 43 months on board a tanker off the coast of Umm Al Quwain are finally set to return home after agreeing to a settlement on outstanding salaries.
The five crew, chief engineer Nay Win, second engineers Riasect Ali and Vinay Kumar and ordinary seamen Nirmal Singh Bora and Monchand Shaikh agreed to a payout of $165,000 on Monday.
The men had not been paid since 2018 after the Mt Iba's owner, Alco Shipping Services, ran into financial problems.
Two cheques handed over to the Mission to Seafarers charity were presented on Tuesday, to deliver 50 per cent of what the sailors are owed in wages.
The vessel will be towed to an anchorage point on Tuesday afternoon for possible repairs to be made.
The crew will be taken to Dubai Maritime City where they will wait 15 days for legal work on the sale of the vessel to be completed.
They will then be paid the rest of the money they are owed.
Waqar Ijaz Hasan, the representative of Alco Shipping who agreed to the sale of the vessel to Shark Power Marine Services, said he was relieved the issue was finally resolved.
“This is good news for all of us,” he said.
“We never stopped working to resolve the situation and the crew will now go to the next available port.
“From there they will go home to their families.”
Alco has agreed to cover the cost of repatriating the men to their countries in what will be an emotional family reunion.
Mr Win, from Myanmar, and Mr Ali, from Pakistan, had been on board since July 2017, with the rest of the Indian crew joining the ship in 2018.
The crew was left with little food and short of diesel to run generators for power and air-conditioning and water.
The ordeal appears to be coming to an end with a tugboat preparing to tow the 5,000-tonne vessel clear from sand on Umm Al Quwain public beach on Tuesday at high tide, about midday.
That operation is being funded by the new owner of the tanker that is likely to return to operation.
That may not be a simple process, and could take up to two days depending on how the ship was grounded.
Once at DMC, the crew will be able to process travel documents and undergo PCR testing to enable them to travel back to their countries.
"From the seafarers viewpoint this is a satisfactory outcome," said Andy Bowerman, regional chief of the Mission to Seafarers.
"Seventy per cent is a fair amount considering the state of the company that owned the ship," he said.
“The crew came across on a small boat to the beach to meet with the owner and the new company to sign the agreement on Monday. It was quite emotional for them all.
“There is still a risk for the crew who must stay on board until the vessel is fully repaired.
“The crew were elated that this was finally happening, but they are very close now it is hard for them to believe this is finally happening.
“I don’t think they will quite believe it until they have the money in their hand.”
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
The%20Super%20Mario%20Bros%20Movie
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Aaron%20Horvath%20and%20Michael%20Jelenic%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Anya%20Taylor-Joy%2C%20Charlie%20Day%2C%20Jack%20Black%2C%20Seth%20Rogen%20and%20Keegan-Michael%20Key%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
THE%20SPECS
%3Cp%3EEngine%3A%204.4-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3EPower%3A%20653hp%20at%205%2C400rpm%0D%3Cbr%3ETorque%3A%20800Nm%20at%201%2C600-5%2C000rpm%0D%3Cbr%3ETransmission%3A%208-speed%20auto%0D%3Cbr%3E0-100kph%20in%204.3sec%0D%3Cbr%3ETop%20speed%20250kph%0D%3Cbr%3EFuel%20consumption%3A%20NA%0D%3Cbr%3EOn%20sale%3A%20Q2%202023%0D%3Cbr%3EPrice%3A%20From%20Dh750%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
More coverage from the Future Forum
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5