US officials overseeing the bankruptcy process of FTX have agreed to co-ordinate with liquidators winding down the cryptocurrency exchange's operations in the Bahamas, resolving a dispute that threatened the recovery of what could be billions of dollars in funds.
In a joint statement on Friday, the sides said they will work to share information, secure property and co-ordinate litigation against third parties.
FTX’s US bankruptcy team has been at odds with Bahamian officials since November, when competing bankruptcies were filed in the two countries.
The Securities Commission of the Bahamas began liquidation proceedings on November 10 against FTX Digital Markets, the company's Bahamas-based unit.
The next day a US Chapter 11 proceeding was filed in Delaware, which included more than 100 FTX entities including FTX Trading and cryptocurrency hedge fund Alameda Research.
Bahamian regulators have seized FTX assets, which officials said was meant to safeguard assets that will ultimately be returned to creditors of FTX Digital Markets.
John Ray, who took control of FTX after founder Sam Bankman-Fried resigned in November, had accused Bahamas-based liquidators of colluding with the disgraced founder to undermine the US bankruptcy case and shift assets to the Bahamas.
Mr Ray’s lawyers had refused the liquidators’ demand for access to internal systems and Slack and email accounts, saying they “did not trust” the Bahamians with information that could be used to siphon assets away from the US bankruptcy team.
Bahamian securities regulators accused Mr Ray of displaying “a cavalier attitude towards the truth” in his statements about the Bahamian asset seizures.
The US team has also disputed the size of the Bahamian assets that were seized, saying they were worth $296 million in November, not $3.5 billion as the liquidators estimated. Friday's statement said the US team was now comfortable the assets were appropriately safeguarded.
Mr Ray said there were still some issues to be worked out in the agreement with the liquidators from the Bahamas. Friday's statement said details of the agreement would be filed "shortly" with the US Bankruptcy Court in Delaware.
Mr Ray, a liquidator and lawyers for the liquidators did not respond to a request for comment.
Mr Bankman-Fried was arrested on fraud charges and pleaded not guilty on January 3. Mr Ray has said the exchange lost $8 billion of customer money, and added the bankruptcy team is focused on recovering assets to repay creditors.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Killing of Qassem Suleimani
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Killing of Qassem Suleimani
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
More from Neighbourhood Watch:
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Mohammed bin Zayed Majlis
The five pillars of Islam
Killing of Qassem Suleimani
The years Ramadan fell in May
The%20specs
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Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
Read more about the coronavirus
COMPANY%20PROFILE
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The five pillars of Islam
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
