DFSA v Arqaam Capital Ltd, Ernst & Young

Andrew Green QC and Tom Cleaver acted for the Dubai Financial Services Authority in the first ever set of proceedings before the Financial Markets Tribunal of the Dubai International Financial Centre. The case concerned the accounting by Arqaam of a large increase in the value of Iranian artworks as realised income on the basis of a sale-and-buyback transaction of no economic substance, which treatment was given an unqualified audit opinion by Ernst & Young. Both Respondents admitted liability on the eve of the hearing.

Charles Flint QC also acted for the DFSA at an earlier stage of the proceedings (with Tom Cleaver), successfully resisting applications for various interim orders (including an order that the proceedings be heard in private) and successfully opposing an appeal to the DIFC Court from that decision.