Contract analysis

1. Executive Summary The purpose of this memorandum is to analyze the legal framework, procedure, and practical steps for recognizing and enforcing LCIA Award No. 224718, dated 28 June 2024, in the United Arab Emirates against assets held by Korinthian DMCC, a DMCC free zone entity registered at Unit 3407, Almas Tower, Jumeirah Lake Towers ("JLT"), Dubai, UAE. Korinthian DMCC is a subsidiary and operational conduit o

2. Background 2.1 The LCIA Award LCIA Award No. 224718 was issued on 28 June 2024 following international arbitration proceedings administered by the London Court of International Arbitration ("LCIA") under the LCIA Arbitration Rules. The seat of arbitration was London, England, and the governing law of the underlying disputes was English law. The Tribunal. The Tribunal was composed as follows: • Presiding Arbitrator

3. Legal Framework for Enforcement of Foreign Arbitral Awards in the UAE 3.1 UAE Federal Law No. 6 of 2018 (UAE Arbitration Law) The UAE enacted Federal Law No. 6 of 2018 on Arbitration (the "UAE Arbitration Law") to modernize its arbitration framework and to align UAE arbitration practice more closely with international standards, in particular the UNCITRAL Model Law on International Commercial Arbitration (the "Mod

Article 53 provides that an arbitral award, irrespective of the country in which it was issued, shall be recognized as binding and shall, upon an application filed with the competent court, be enforced. This provision reflects the pro-enforcement bias that is a hallmark of the Model Law and is consistent with the UAE's treaty obligations under the New York Convention. Critically, the court to which the enforcement ap

Article III provides that each contracting state shall recognize arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where recognition and enforcement are sought. There shall not be imposed substantially more onerous conditions or higher fees or charges on the recognition or enforcement of arbitral awards to which the Convention applies than are imposed on the recogn

Article IV sets out the documentary requirements for the party applying for recognition and enforcement. The applicant must supply: (a) The duly authenticated original award or a duly certified copy thereof; and (b) The original arbitration agreement referred to in Article II of the Convention, or a duly certified copy thereof. If the award or agreement is not made in an official language of the country in which the

Article V enumerates the exclusive grounds upon which recognition and enforcement of an arbitral award may be refused. These grounds are materially identical to those set out in Article 53(2) of the UAE Arbitration Law, as discussed in Section 3.1 above. 3.3 Interaction Between the UAE Arbitration Law and the New York Convention The relationship between the UAE Arbitration Law (Federal Law No. 6 of 2018) and the New

4. Documentary Requirements and Legalization 4.1 Required Documents for Enforcement Application The enforcement application to be filed in the Dubai Court of First Instance must be supported by a comprehensive set of documents. Based on the requirements of the New York Convention (Article IV), the UAE Arbitration Law (Article 53), and the procedural rules applicable to enforcement applications in the Dubai courts, th

5. Enforcement Application Procedure 5.1 Filing the Application The enforcement application will be filed and prosecuted by Al-Rashid Hatem & Associates on behalf of TSL, under the instructions of Calderwood & Harkness LLP. The firm details are as follows: • Firm: Al-Rashid Hatem & Associates • Office Address: Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai, UAE • Managing Partner: Tariq Al-Rashid •

6. Precautionary Attachment of Korinthian DMCC Accounts 6.1 Legal Basis Under the UAE Civil Procedure Law (Federal Law No. 11 of 1992, as amended by Federal Decree-Law No. 42 of 2022), a creditor may apply to the court for a precautionary attachment (hajz tahaffuthi) over the debtor's assets in order to preserve those assets pending the outcome of an enforcement application or other proceedings. The precautionary att

7. Relationship Between Korinthian DMCC and KMH — Enforcement Against Subsidiary Assets 7.1 Corporate Structure Analysis A critical issue in the UAE enforcement strategy is the relationship between the award debtor, KMH, and the target entity, Korinthian DMCC. Korinthian DMCC is part of the broader KMH corporate group but is a separate legal entity in its own right. KMH (Registration No. HE 387421, Nicosia, Cyprus) i

8. Coordination with the Worldwide Freezing Order (England) 8.1 WFO Scope and Interaction The worldwide freezing order granted by Mr. Justice Ashworth on 16 July 2024 (and continued on 30 July 2024) is a critical tool in the overall enforcement strategy and has direct implications for the UAE proceedings. The WFO restrains KMH from removing from England and Wales or in any way dealing with, disposing of, or diminishi

9. Local Counsel Engagement — Al-Rashid Hatem & Associates 9.1 Firm Details Calderwood & Harkness LLP has selected Al-Rashid Hatem & Associates ("ARH") to serve as TSL's local enforcement counsel in the UAE. ARH was selected on the basis of its extensive experience in international arbitration enforcement, its familiarity with the Dubai Court of First Instance and the DIFC Courts, and its track record in handling com