Privacy Settings

Claim No: CFI/008/2015

IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BOCIMAR INTERNATIONAL N.V

Applicant

and

EMIRATES TRADING AGENCY LLC

Respondent

AMENDED FREEZING ORDER

PENAL NOTICE

(1) remove from the DIFC any of its assets which are in the DIFC up to the value of US$ 118,801,381.90 (the “Amount”); or

(2) in any way dispose of, deal with or diminish the value of any of its assets whether they are in or outside the DIFC up to the same value.

(1) all real properties held by the Respondent or any of its affiliated or related companies in  the Emirate of Dubai, UAE, or the net sale money after payment of any mortgages if it has been sold, including (i) the ;

i. 9,376 sq ft of land located at Al Warsan First, International City, in Dubai’s Central District (“the Al Warsan Site”).

ii. 47,697 sq. ft. of land located at Marsa Dubai (Dubai Marina) (“the Marina Site”).

iii. Such apartments as ETA holds in “Building M01”, a multi-storey mixed use residential and commercial building on the Al Warsan Site (Area 621, Plot No, 1351).

iv. Such apartments as ETA holds in “Building No.1” (Area 392, Block 494), a residential and commercial building on the Marina Site.

(2) the property and assets of the Respondent’s business carried on at Ascon House, Salahuddin Road, PO Box 5239, Dubai UAE or the sale money if any of them have been sold; and

(3) any money in accounts held by the Respondent at:

i. HSBC Bank Middle East, Al Suq Road, Bur Dubai, PO Box 66, Dubai (tel 971-4) 3538822

ii. Emirates NBD, Binyas Street Branch, PO Box 777, Dubai (tel: 971-4)2222241

iii.Mashreqbank PSC, Al Riqa Road Branch, PO Box 5511, Dubai, UAE

(1) If the total value free of charges or other securities (‘unencumbered value’) of the Respondent’s assets in the DIFC exceeds US$ 118,801,381.90, the Respondent may remove any of those assets from the DIFC or may dispose of or deal with them so long as the total unencumbered value of the Respondent’s assets still in the DIFC remains above US$ 118,801,381.90.

(2) If the total unencumbered value of the Respondent’s assets in the DIFC       does not exceed US$ 118,801,381.90, the Respondent must not remove any of those assets from the DIFC and must not dispose of or deal with any of them. If the Respondent has other assets outside the DIFC, he may dispose of or deal with those assets outside the DIFC so long as the total unencumbered value of all his assets whether in or outside the remains above US$ 118,801,381.90.

(1) Unless paragraph (2) applies, the Respondent must to the best of its ability inform the Applicant’s legal representatives of all its assets in the DIFC and worldwide exceeding US$ 100,000 in value whether in its own name or not and whether solely or jointly owned, giving the value, location and details of all such assets.

(2) If the provision of any of this information is likely to incriminate the Respondent, he may be entitled to refuse to provide it, but is recommended to take legal advice before refusing to provide the information. Wrongful refusal to provide the information is contempt of court and may render the Respondent liable to be imprisoned, fined or have his assets seized.

(1)  This order does not prohibit the Respondent from spending a reasonable sum on legal advice and representation. But before spending any money the Respondent must tell the Applicant’s legal representatives where the money is to come from.

(2) This order does not prohibit the Respondent from dealing with or disposing of any of its assets in the ordinary and proper course of business.

(3) The order will cease to have effect if the Respondent:

(a)  provides security by paying the US$118,801,381.90 into Court, to be held  to the order of the Court; or

(b)  makes provision for security in that sum by another method agreed with the Applicant’s legal representatives.

It is a contempt of court for any person notified of this order knowingly to assist in or permit a breach of this order. Any person doing so may be imprisoned, fined or have their assets seized.

This injunction does not prevent any bank from exercising any right of set off it may have in respect of any facility which it gave to the Respondent before it was notified of this order.

No bank need enquire as to the application or proposed application of any money withdrawn by the Respondent if the withdrawal appears to be permitted by this order.

The Claimant has permission to serve this Order on the Respondent out of the jurisdiction of this court at its address, Ascon House Salahuddin Road, PO Box 5239, Dubai, UAE and on the Respondent’s solicitors Clyde & Co at PO Box 7001, Level 15, Rolex Tower, Sheikh Zayed Road, Dubai, United Arab Emirates.

(1) Except as provided in paragraph (2) below, the terms of this order do not affect or concern anyone outside the jurisdiction of this court.

(2) The terms of this order will affect the following persons in a country or state outside the jurisdiction of this court:

(a) the Respondent or its officer or agent appointed by power of attorney;

(b) any person who:

(i) is subject to the jurisdiction of this court;

(ii) has been given written notice of this order at his residence or place of business within the jurisdiction of this court; and

(iii) is able to prevent acts or omissions outside the jurisdiction of this court which constitute or assist in a breach of the terms of this order; and

(c) any other person, only to the extent that this order is declared enforceable by or is enforced by a court in that country or state.

Nothing in this order shall, in respect of assets located outside the DIFC, prevent any third party from complying with:

(1) what it reasonably believes to be its obligations, contractual or otherwise, under the laws and obligations of the country or state in which those assets are situated or under the proper law of any contract between itself and the Respondent; and

(2) any orders of the courts of that country or state, provided that reasonable notice of any application for such an order is given to the Applicant’s legal representatives.

            Issued by:

                                                                                                Amna Al Owais

                                                                                                Deputy Registrar

                                                                                                Date of Issue: 8 February 2016

                                                                                                At: 2pm