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Dubai Court of Cassation Clarifies Bank Liability for Investment Assets Held by a Foreign Custodian
A Dubai Court of Cassation judgment examining bank liability for investment assets held by a foreign custodian, confirming that a bank’s role in facilitating an investment relationship does not, without more, make it responsible for the custody or repayment of client assets, and highlighting the importance of contractual obligations, correct entity identification and proof of loss in cross-border financial disputes.
Federal Supreme Court Confirms Vessel Arrest as Security for Charterer’s Bunker Debt
A Federal Supreme Court decision examining vessel arrest as security for a charterer’s bunker debt, confirming that a vessel may remain subject to arrest for a qualifying maritime debt even where the shipowner is not personally liable for the debt.
Dubai Court of Cassation Clarifies Contractual Priority and Earnest Money in Property Sale Disputes
A Dubai Court of Cassation judgment examining contractual priority, earnest money and failed property sales, highlighting how later agreements, contractual obligations and agreed withdrawal mechanisms can determine the parties’ rights and remedies.
Dubai Court of Appeal Examines Bank Liability for Investment Assets Frozen Under UK Sanctions
A Dubai Court of Appeal judgment examining bank liability for investment assets frozen under UK sanctions, highlighting the importance of contractual roles, third-party custody arrangements, asset location and applicable regulatory obligations in cross-border investment disputes.
Dubai Court of Appeal Examines OFAC Sanctions and UAE Banking Obligations
A Dubai Court of Appeal judgment examining the interaction between OFAC sanctions, cross-border payment restrictions and UAE banking obligations, holding that a bank relying on sanctions to retain customer funds must establish the factual and regulatory basis for the restriction and comply with applicable UAE requirements.
Abu Dhabi Court of Cassation Clarifies Liability in Complex Investment Arrangements
A recent Abu Dhabi Court of Cassation judgment clarifying how courts may determine liability in complex investment arrangements involving multiple corporate entities, overlapping management roles and limited formal documentation. The decision also confirms that corporate office alone does not create personal liability and that individual liability requires a separate legal and evidential basis.
Abu Dhabi Court of Cassation Clarifies Liability Under Investment Management and Custody Arrangements
An Abu Dhabi Court of Cassation judgment clarifying that the liability of licensed financial institutions in managed investment arrangements depends on the substance of their contractual roles, rather than labels such as “limited-discretion manager” or agent. The Court confirmed that institutions assuming investment-management, custody and liquidation responsibilities may be liable for outstanding investment balances, while directors and managers are not automatically personally liable absent separate wrongdoing.
Dubai Court of Cassation Clarifies When a Market-Rate Return Is Payable on Frozen Bank Balances
A Dubai Court of Cassation judgment confirming that where the Central Bank of the UAE issues a binding instruction requiring frozen account balances to accrue a return at the prevailing market rate, licensed banks must comply. The Court also clarified that while such a return may be recoverable, an additional award of interest on the accrued return is prohibited as impermissible interest on interest under UAE law.
Dubai Court of Appeal Clarifies Scope of Investment Migration Advisory Mandates
A Dubai Court of Appeal judgment confirming that where a service provider's role is limited to advisory, administrative or coordination services in investment migration matters, the refusal of a residence or citizenship application does not, by itself, establish contractual liability.