º»¹® ¹Ù·Î°¡±â ÁÖ¸Þ´º·Î ¹Ù·Î°¡±â
Press Releases
Detail Article of Press Briefings Board
TITLE [11_04_15]National Court Administration signs the MOG with the DIFC Courts
ATTACHMENT Attached File1  Attached File2

National Court Administration signs the MOG with the DIFC Courts

 

National Court Administration signs the MOG with the DIFC Courts 

 

¡Û Minister PARK Byoung-dae(Justice) of National Court Administration(NCA) will meet with Chief Justice Michael Hwang of the DIFC(Dubai International Financial Centre) Courts and sign the MOG(Memorandum of Guidance) between NCA and the DIFC Courts at 10:30 on November 4, 2015 in the meeting room 409 of the Supreme Court building.  

 

¡Û Although the MOG is legally non-binding, since it mainly focuses on the enforcement procedure of judgments and decisions, the MOG is expected to actually help facilitate recognition and enforcement of judgments through mutual understanding and cooperation.

 

¡Û The signing of the MOG was materialized after a series of requests from Chief Justice Hwang of the DIFC Courts. The DIFC Courts have signed MOG with various common law countries such as the Commercial Court of England and Wales, the Federal Courts of Australia and the Supreme Court of Singapore.  As the signing of the MOG with NCA is the first of its kind with a civil law country, it can be assessed that the DIFC Courts recognized international standing of the Korean judiciary.

 

¡Û The DIFC Courts are disputes resolving institutions of the DIFC, a Dubai-based financial free zone.  In 2006, the DIFC Courts were established as common law courts based on the UK law, not Islamic UAE laws, to provide disputes resolving environment conducive to investors. The DIFC Courts have jurisdiction to hear even cases not necessarily relevant to Dubai, provided both parties agree the DIFC Courts’ jurisdiction.

 

¡Û Given the scale of trade between Korea and the Middle East region and the current state of Korean businesses entering into the Middle East markets, possibilities are high for litigations and arbitrations related to the Middle East region to occur in the future.  The signing of the MOG is expected to help facilitate enforcement of judgments or arbitration awards of cases of which the parties are either Korean nationals or Korean businesses through the DIFC Courts in the Middle East countries, in case international disputes arise in the Middle East

 

¡Û The signing of the MOG holds a great significance as it enhances possibility of provision of legal remedy for Korean citizens with respect to disputes in the Middle East region and demonstrates Korea is a major legally advanced country.

Detail Article of Press Briefings Board Navigation
Prev [11_12_15]Concentrated Jurisdiction System for Patent Infringement Cases to be Enforced from 2016
Next [10_29_15]Korea on Rank 2 in Enforcing Contracts on the World Bank Doing Business Report 2016
219 Seocho-ro,Seocho-gu,Seoul 06590,Republic of Korea 02-3480-1100