In court proceedings, judges may lack special competence on the issues at hand, necessitating an expert on the subject. Experts are carefully chosen before being assigned to handle a dispute. Expert witnesses are most valuable when the significant issues in the case are known to be addressed by the expert witness. In forensic accounting, it is those instances where the question of quantum is the most difficult to determine, and the computation of damages may be pretty complicated. It is likely to be a significant business case with a loss of profit claim originating from, for example, the machine failing to function at the level indicated in the contract. The profit that would have resulted from the contract's performance must be calculated. This article will discuss the use of expert advice in financial disputes in the UAE.
How is Expert advice helpful in financial disputes?
In the case of fraud, we have heard about the Fraudsters that led to the destruction of financial institutions. Such scams are difficult to interpret and sometimes impossible to distinguish from real investments. It may be challenging to identify and understand sufficient evidence in a civil case to fulfill even the lighter standard of proof. Expert witnesses will be required to guarantee that the evidence is accurately interpreted in such trials. Experts are beneficial in financial disputes that need complicated calculations. This kind of expert would be most helpful in offering a critical evaluation of the facts and assumptions that underlie and quantify a loss. It is possible for an expert who is merely a human calculator to be open to criticism from the fact-finder if they have accepted the information without questioning it.
Can the Expert Appointment Application Strengthen the Claimant's Position?
UAE courts often employ experts to write reports following Article 69 of the UAE Federal Evidence Law. This technique is commonly used in most instances, even when the demand for expertise is not apparent. This excessive reliance often results from one party's lack of adequate documents to support their claim in the absence of a discovery procedure similar to that available in common-law nations. Generally, the court will appoint an expert, either suo moto or at the request of a party, after the conclusion of submissions.
Role of an Expert Witnesses in Financial Disputes
All civil processes in the UAE are based on the parties' written pleadings, which are substantiated by documented evidence. In general, civil proceedings do not include an oral hearing. Both the federal and Dubai courts often refer cases to court-appointed experts for factual determinations in various disciplines, including finance, accounting, banking, and other technical topics.
Although expert reports are not legally enforceable and are subject to dispute by the parties, they are often deemed compelling by the courts. When a court chooses not to follow an expert report, the judge is expected to offer precise reasons for the decision. In a civil action, oral evidence may be used to prove a fact only with the court's approval, and the ability to cross-examine witnesses is severely limited.
Resolve Disputes in UAE Courts With the Assistance of Experts in Financial Disputes
We are registered Experts in the United Arab Emirates and have appeared in courts at all levels of the judiciary in the accounting, financial, and banking industries. We have served in this sector as Court-appointed Experts and to assist any legal matter entrusted to us. However, what matters most are the skilled consulting services that we provide. We have designed this service specifically for customers who need it the most, mainly when their cases have been improperly handled. Additionally, our financial professionals in Abu Dhabi and Dubai are ready to assist your Lawyers with the financial, accounting, and banking aspects of the Case or Negotiations. All of our services are available in English and Arabic.
How Farahat & Co. may assist you?
The Banking and finance disputes report's objective has always been to forecast future trends while reflecting on recent court judgments and legal developments. We help clients with all aspects of litigation and conflict resolution, ranging from large-scale investigations and high-profile disputes to reputational risk management.
There are instances when the details of a case are beyond the court or arbitrators' comprehension. In such cases, an expert is appointed to provide an unbiased opinion on specific parts of disputed subjects within his area of knowledge before concluding. A court expert is anybody who has knowledge or expertise in a particular profession or discipline that exceeds that of a layperson. Farahat &co. is affiliated with a prestigious financial litigation and regulatory issues practice. Our affiliated expert attorneys collaborate throughout the UAE and excel in handling cross-border and multi-jurisdictional conflicts.
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