| Kippreport.com

Dubai forms tribunal for Dubai World cases

December 14, 2009 4:21 by kippreport

The Dubai government announced that it has set up a special tribunal to hear cases submitted against its conglomerate Dubai World. The legal framework will be “consistent with international standards of transparency and creditor protection that will govern any future formal reorganization and restructuring of Dubai World and any of its subsidiaries,” the government said in a statement.

The tribunal currently has three judges, and will have jurisdiction to “hear and decide any demand or claim submitted against the corporation and any person related to the settlement of the financial obligations of the corporation, including the chairman and board members.”

It will also be able to issue interim orders, the statement said.

Tags: Dubai World, government, tribunal