Court to be set up for Dubai World legal disputes
15 December 2009
Sheikh Mohammad Al Maktum, the governor of Dubai, has issued a decree for the setting up of a court to resolve the financial disputes connected to the Dubai World holding and its affiliated companies, including cases of bankruptcy and liquidation, reported the daily Gulf News.
The court, which will be located in the Dubai International Financial Center (Difc), the area that symbolises the emiratés international financial influence, is part of the widest regulation structure that Dubaìs authorities are using to guarantee transparency and the protection of lenders in line with global standards.
Made up of 3 judges (non-Emirate), it will have the power to debate and resolve any case connected to Dubai World, the cause in recent weeks of financial turbulence in the emirate due to the request of a debt restructuring for its subsidiary Nakheel.
Source: ANSAmed