A judiciary committee set up by the Dubai Ruler's Court has ruled for the distribution of the assets of Golden Gate Securities to the latter's creditors.
Each creditor will be reimbursed in cash an amount commensurate with their credit. The process is to be supervised by the Securities and Commodities Authority (SCA) and with the knowledge of the judicial liquidator.
The judicial panel also ruled that all the company's partners must, severally, pay the shortfall in the total due to the clients of the company.
The company's non-UAE national partners must not be allowed to travel out of the country until the full amount due to the clients was fully paid, said the panel.
Following the ruling, Sultan bin Saeed Al Mansoori, Minister of Economy and SCA Board Chairman, expressed profound gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, for his personal follow-up of the case and for setting up a special judicial panel to deal with the case to ensure the rights of investors were protected.
Also commenting on the issue, Abdullah Al Turifi, SCA Chief Executive Officer, said the SCA, by virtue of its role as a protector of the rights of all stakeholders on the securities markets, has been taking all necessary measures to protect those rights.
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