September 01, 2019 court of first instance - Orders
Claim No. CFI-030-2019
DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
BETWEEN:
LARMAG HOLDING B.V.
Applicant
and
FIRST ABU DHABI BANK PJSC
First Respondent
FAB SECURITIES LLC
Second Respondent
IN AN INTENDED ACTION
BETWEEN:
LARMAG HOLDING B.V.
Intended Claimant
and
FIRST ABU DHABI BANK PJSC
Intended First Defendant
FAB SECURITIES LLC
Intended Second Defendant
MR ABDULLA SAEED ALJABRI
Intended Third Defendant
ELITE HOLDING GROUP LIMITED
Intended Fourth Defendant
ORDER WITH REASONS OF JUSTICE SIR RICHARD FIELD
UPON the Respondents’ application for permission to appeal to the Court of Appeal the Jurisdictional Ruling issued herein on 4th August 2019
AND UPON considering the written submissions of the Respondents and the Applicant filed in respect of the said application
AND UPON considering RDC 44.19
IT IS HEREBY ORDERED THAT:
Issued by:
Amna Al Owais
Date of issue: 1 September 2019
At: 9am
Reasons
1.The Respondent’s challenge to the Court’s interpretation in the Jurisdictional Ruling of Article 5(A)(1)(a) and the definitions of DIFC Establishments and DIFC Licensed Establishments in the judicial authority law has a real prospect of success as required by RDC 44.19 for the grant of permission to appeal.
2. The Court’s Jurisdictional Ruling has important implications for entities that are licensed and supervised by a financial services regulator in the UAE and which are granted by the DFSA the status of “Recognised Members”. Accordingly, there is a compelling reason why the proposed appeal should be heard.
