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 of the creditors will be reimbursed in cash amount that commensurate with their credit in a process to be supervised by the Emirates 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, while the company's non-UAE national partners must not be allowed to travel out of the country until the full amount due to the company's clients was fully paid.
Following the ruling, H.E. Engineer 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, H.E. 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 making all efforts and taking all necessary measures to protect those rights, adding that the SCA, in collaboration with the securities markets, had taken a number of initiatives and provided various solutions which aimed at finding the best means of settling the issue and protecting the rights of the clients of Golden Gate Securities following the detection of the latter's commission of various violations.
It's worth noting here that the SCA suspended the company from trading for failing to adhere strictly to the laid down rules and regulations which aimed at protecting the rights of all investors on the market.