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Sunday, 12 March 2017

DIFC Courts approved as conduit for foreign judgements and arbitrations | The National

DIFC Courts approved as conduit for foreign judgements and arbitrations | The National:

"A key Dubai judicial committee has given the go ahead to two companies to use the DIFC Courts as a "conduit jurisdiction" for the enforcement of foreign judgements and arbitrations in Dubai’s onshore courts, in a move that may prompt an uptick in similar claims. In decisions related to two separate cases, the Judicial Tribunal for the Dubai Courts and DIFC Courts ruled in favour of institutions attempting to enforce English court judgements worth millions of dirhams against UAE-based entities by way of the DIFC Courts. In the first case, Standard Chartered filed in 2014 a claim against Sharjah-based IGPL seeking the enforcement of a US$129 million English commercial court judgement against IGPL over two alleged defaulted loan agreements dating from 2009 and 2010."



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