Protection to Lenders

The new law is drafted & finalised, issued to protect the lenders.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.

Imprisoned convicts will be granted access to conduct all necessary external communications that guarantee timely redemption of funds.

The law is of an immediate effect and to be published in the official gazette

Designed to protect Dubai’s economic interests and preserve financial rights of individuals, the new law comes in line with Dubai’s ongoing efforts to eradicate all forms of fraud, enhancing the emirate’s position as a leading global business hub.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.

2 Comments so far

  1. iPhoneKönig (unregistered) on January 2nd, 2010 @ 4:30 pm

    great blog, happy new year wishes!


  2. iPhoneKönig (unregistered) on January 3rd, 2010 @ 8:32 am

    happy new year – love your blog



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