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Mohammed bin Rashid issues decree on Special Judicial Committee assigned to settle Abed Al Boom financial status

posted on 06/12/2013: 1189 views


Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has issued Decree No. 30 for 2013, partially amending Decree No. 34 for 2009, regarding the formation of the Special Judicial Committee assigned to settle the Abed Al Boom financial status.

Article 04 of the new decree states that: "creditors and investors that submit their claims and petitions to the Committee after 31st of December 2013 do not benefit from the settlement; without prejudice to their rights, and they may claim their monies from any further settlements." Additionally, the Judicial Committee called all creditors, whether corporate legal or individual legal, that had not submitted their claims and petitions, or those who did not complete their documentation, to submit their claims, petitions and supporting documents to the Committee before 31st of December 2013.

Pursuant to the Decree, the Special Judicial Committee is not liable to accept any claims or documents after the above mentioned date.

The Committee elaborates to say that those who fail to submit their claims prior to the above mentioned date will not benefit from this settlement, and they may file a criminal report with reference to the penal action.

Dubai Appeal Court and Chairman of the Judicial Committee, Judge Saeed Hilal Al Zabbi, asserted that the decree amendment authorised the Committee to determine the debtor's international assets, run settlements and distribute the liquidised monies to the creditors and investors whose claims had been endorsed by the Committee.

Judge Al Zabbi also clarified that binding the debtor to deposit all his monies in the Committee's account by a certain deadline, and defining 31st of December 2013 as the last date to accept creditors and investors' claims, will enable the Committee to adhere to the time limitation stated in the Decree. - Emirates News Agency, WAM

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