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Dubai Rejects Barclays Jurisdiction Case
Barclays has won a Dubai jurisdiction case.
Barclays has won a Dubai jurisdiction case, Financial Times reports. Lawyers on behalf of Corinth Pipeworks were attempting to sue Barclays in the court of Dubai International Financial Centre (DIFC), claiming that Barclays was involved in an alleged attempt to defraud the Greek company.
The bank was said to be registered at the DIFC and its Dubai branches, including the one claimed to have assisted in the alleged fraud fell under the DIFC Courts’ jurisdiction. As per the new ruling, DIFC’s jurisdiction will cover matters arising from Barclays’ activities at the DIFC, where it runs investment and private banking operations, not the Barclays branches located in Dubai that are regulated by the central bank of the UAE.
Click here for the story from Financial Times.