Gauge Investments Limited v Ganelle Capital Limited [2016] DIFC ARB 003/006 (08 June 2016)

Gauge Investments Limited v Ganelle Capital Limited [2016] DIFC ARB 003/006 (08 June 2016)

Claims for civil remedies based on DFSA regulatory breaches under Articles 65 and 94 of the DIFC Regulatory Law are arbitrable and not contrary to UAE public policy; the reference to 'the Court' in the statute does not preclude arbitration; the application to set aside the award is dismissed and the award is recognised and enforced.

Citation
[2016] DIFC ARB 003/006
Parties
Award Debtor: Gauge Investments Limited; Award Creditor: Ganelle Capital Limited
Jurisdiction
United Arab Emirates
Judgment Date
08 June 2016
Procedural Posture
Arbitration Enforcement and Set Aside Applications / Judgment After Hearing on Recognition/enforcement and Set Aside
Outcome
Award Debtor's application to set aside the award dismissed; Award Creditor's application for recognition and enforcement granted.
Legal Topics
Arbitrability of Regulatory Claims, Public Policy and Arbitration, Recognition and Enforcement of Arbitral Awards, DFSA Regulatory Breaches, DIFC Arbitration Law
Arbitration Financial Regulation Contract Law Arbitrability of Regulatory Claims Public Policy and Arbitration Recognition and Enforcement of Arbitral Awards DFSA Regulatory Breaches DIFC Arbitration Law

Case Brief

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Parties

Gauge Investments Limited

Award Debtor

Ganelle Capital Limited

Award Creditor

Procedural Posture

Arbitration Enforcement and Set Aside Applications / Judgment After Hearing on Recognition/enforcement and Set Aside

Legal Issues

  1. 1 Whether claims based on DFSA regulatory breaches are arbitrable under DIFC Law
  2. 2 Whether the arbitration award is in conflict with UAE public policy
  3. 3 Whether reference to 'the Court' in DIFC Regulatory Law precludes arbitration of such claims

Ratio Decidendi

Claims for civil remedies based on DFSA regulatory breaches under Articles 65 and 94 of the DIFC Regulatory Law are arbitrable and not contrary to UAE public policy; the reference to 'the Court' in the statute does not preclude arbitration; the application to set aside the award is dismissed and the award is recognised and enforced.

Court Disposition

Award Debtor's application to set aside the award dismissed; Award Creditor's application for recognition and enforcement granted.

Orders

  • Dismissal of application to set aside the award
  • Recognition and enforcement of the award as a judgment of the court