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Through its supervisory arbitrational jurisdiction under Law No 2 of 2017 issuing the Arbitration Law in Civil and Commercial Matters, parties can elect the QICDRC as the “Competent Court” of arbitration to perform various functions in relation to interim measures, enforcement of awards and appeals.
Qatar Financial Centre Regulatory Authority v Horizon Crescent Wealth LLC
Case No. 4 of 2020
Neutral Citation
[2022] QIC (F) 15
Date
29 August 2022
Status
Judges
Her Honour Frances Kirkham CBE
Sir William Blair
Dr. Rashid Hamad Al-Anezi
Summary
The Qatar Financial Centre Regulatory Authority (QFCRA) sought to enforce a QAR 30 million financial penalty against Horizon Crescent Wealth LLC (HCW) initially ordered on 20 September 2020. The original enforcement condition required court permission due to pending litigation. However, the proprietary claims by Ms. Ileana Mercedes D'Lacoste Agudelo and Ms. Eniluz Jhoana Aponte against HCW were discontinued, removing any need for the condition. The court granted QFCRA’s application to lift the condition, allowing the enforcement of the financial penalty. No costs were ordered.
Judges
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Her Honour Frances Kirkham CBE
England
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Sir William Blair
England
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Dr. Rashid Hamad Al-Anezi
Kuwait
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