Search by tag
[all_tags]
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.
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.
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.