The Dubai Financial Services Authority (DFSA) has obtained final orders from the Dubai International Financial Centre (DIFC) Court against several of the defendants involved in the operation of fictitious websites called the Dubai Options Exchange, the United Arab Emirates Commodity Futures Board and Cambridge Capital Trading.
The Chief Justice of the DIFC Court, Sir Anthony Evans had previously issued temporary injunctions closing down the fictitious websites, which targeted investors by falsely claiming to offer currency options trading within the DIFC. Close cooperation between the Dubai Police, ESCA and the DFSA’s regulatory counterparts in Malaysia, Australia and the USA resulted in the speedy shut down of the websites and the freezing of over US$600,000 in investor funds.
On 1 May 2007, Sir Anthony Evans issued permanent restraining orders against defendants Ameerdeen Abdul Majid Thanikkodi, Syed Mohamed A/L Kabdul Rahman, AI Global Resources, Everyone’s Internet and Select Solutions LLC.
Based on the consent of the DFSA and Husam Abu-Amara and Globalstar Telecom & Technology, Sir Anthony Evans also issued a final order staying the DFSA’s civil claim against Abu-Amara and Globalstar with no order for costs against any party.
The Dubai International Financial Centre Courts were established under the laws enacted by HH Sheikh Maktoum bin Rashid Al Maktoum, Ruler of Dubai in December 2004. The DIFC Courts are an independent judicial system which will deal with matters arising from and within the DIFC.
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