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CFI 008/2007 – Order

CFI 008/2007 – Order

December 1, 2008

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Case No. CFI 008/2007

THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE

IN THE COURT OF FIRST INSTANCE

Before The Honourable Justice Colman on 25th November 2008

Between

ITHMAR CAPITAL Claimant
and8 INVESTMENT INC 1st Defendant
and8 INVESTMENT GROUP FZE 2nd Defendant

 

ORDER

PENAL NOTICE

IF YOU 8 INVESTMENTS GROUP FZE DISOBEY THIS ORDER YOU MAY BE HELD TO BE IN CONTEMPT OF COURT.

ANY OTHER PERSON WHO KNOWS OF THIS ORDER AND DOES ANYTHING WHICH HELPS OR PERMITS THE SECOND DEFENDANT TO BREACH THE TERMS OF THIS ORDER MAY ALSO BE HELD TO BE IN CONTEMPT OF COURT.

UPON hearing Counsel for the Claimant and there being no attendance on behalf of the Second Defendant

AND UPON reading the documents recorded on the Court file as having been read

AND UPON the Claimant, Ithmar Capital’s undertakings contained in the order made against 8 Investments Group FZE dated 11 December 2007 continuing

The Court of First Instance of the Dubai International Financial Centre (“DIFC“) sitting at Ground Floor, Building 4, Gate District, Dubai, United Arab Emirates, hereby orders as follows:

 

Freezing Injunction

1. Until 1 December 2008 or further order of the Court, paragraph B of the order made against 8 Investments Group FZE dated 11 December 2007 shall continue, namely, the Second Defendant, whether by itself or by its servants, employees, officers or agents must not dispose of or deal with funds standing to the credit of bank account:

Bank: Emirates Bank
Account number: 0057581660001
Account name: “8 Investments Group FZE”
Branch: The Tower Branch, Dubai, UAE

in any way so as to reduce the balance thereof below 16,785,800 (Sixteen Million Seven Hundred and Eighty-Five Thousand, Eight Hundred) dirhams free of charges and other securities. For the avoidance of doubt this Order applies to the amount of any cheque drawn on such account which has not been cleared.

2. Thereafter, paragraph B of the order made against 8 Investments Group FZE dated 11 December 2007 shall continue as varied below:

a. in the event that the Claimant informs the Court by 1 December 2008 that it wishes to seek permission to appeal the judgment handed down on 26 November 2008 in the proceedings between the Claimant and the First Defendant (“the Judgment”), the Second Defendant, whether by itself or by its servants, employees, officers or agents must not dispose of or deal with funds standing to the credit of bank account:

Bank: Emirates Bank
Account number: 0057581660001
Account name: “8 Investments Group FZE”
Branch: The Tower Branch, Dubai, UAE

in any way so as to reduce the balance thereof below 16,785,800 (Sixteen Million Seven Hundred and Eighty-Five Thousand, Eight Hundred) dirhams free of charges and other securities until conclusion of the said appeal or further order of the Court. For the avoidance of doubt this Order applies to the amount of any cheque drawn on such account which has not been cleared;

b. in the event that the Claimant fails by 1st December 2008 to inform the Court that it wishes to seek permission to appeal the Judgment or informs the Court that it does not wish to seek permission to appeal the Judgment, the First Defendant whether by itself or by its servants, employees, officers or agents must not dispose of or deal with funds standing to the credit of bank account:

Bank: Emirates Bank
Account number: 0057581660001
Account name: “8 Investments Group FZE”
Branch: The Tower Branch, Dubai, UAE

in any way so as to reduce the balance thereof below 3,920,942 (Three Million, Nine Hundred and Twenty Thousand Nine Hundred and Forty Two) Dirhams free of charges and other securities until satisfaction in full of the judgment including any order for interest and costs. For the avoidance of doubt this Order applies to the amount of any cheque drawn on such account which has not been cleared.

Further Orders

3. The Parties shall be at liberty to apply to vary or rescind this Order on not less than 24 hours notice in writing (including by email) to all Parties.

 

4. Anyone served with or notified of this Order may apply to the Court at any time to vary or discharge this Order (or so much of it as affects that person) but they must first inform the Claimant’s and the Defendants’ Legal Representatives. If any evidence is to be relied upon in support of the application, the substance of it must be communicated in writing to the Claimant’s and the Defendants’ Legal Representatives in advance.

 

5. The Claimant shall have leave to serve this Order out of the jurisdiction of the DIFC Courts.

 

Mark Beer
Registrar
Date of Issue: 1 December 2008
At 5.35 pm

 

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