BY Staff Reporter of Business 24/7

Source: Business 24/7

A decree setting up a tribunal to decide on disputes linked to the settlement of the financial position of Dubai World and its subsidiaries was issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

"The decree establishes a tribunal of three to five internationally recognised judges, which will be empowered if necessary to supervise the financial reorganisation of Dubai World and its subsidiaries and which will be authorised to adjudicate disputes relating to restructuring of the debt of Dubai World and any of its subsidiaries," said a statement.

The tribunal is initially composed of three senior international judges from the Dubai International Finance Centre Courts – Sir Anthony Evans, Chief Justice of Dubai International Financial Centre Courts, Michael Hwang, Deputy Chief Justice of the DIFC Courts and Justice Sir John Murray Chadwick, Judge of the DIFC Courts.