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Mohammed issues decree forming judicial panel
30 December 2009
In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued a decree setting up a special judicial panel to resolve disputes related to Amlak Finance PJSC and Tamweel PJSC.
The decree establishes the new panel as the sole judicial body in Dubai authorised to consider applications and review legal claims connected to the financial affairs of the two companies, including their subsidiaries. The move also provides that the panel will have exclusive jurisdiction over all cases filed at Dubai Courts prior to the decree's issuance, while simultaneously ensuring the full protection of creditors' rights.
Under the decree Judge Mohammed Khamis Basyouni has been appointed as chairman of the panel, with Judge Jihad Mohammed Khasawneh and Judge Abdullateef Mohammed Al Ulama serving as members.
The panel shall issue orders and decisions in the name of the Ruler of Dubai, all of which will be considered final and complete.
The new decree is effective immediately and will be published in the official gazette.