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CFI 026/2009 – Order

CFI 026/2009 – Order

August 3, 2010

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Claim No. CFI 026/2009

THE JUDICIAL AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE

IN THE COURT OF FIRST INSTANCE

Between


(1) RAFED ABDEL MOHSEN BADER AL KHORAFI

(2) AMRAH ALI ABDEL LATIF AL HAMAD

(3) ALIA MOHAMED SULAIMAN AL RIFAI

Claimant
and


(1) BANK SARASIN-ALPEN (ME) LIMITED

(2) BANK SARASIN & CO LTD

Defendant

ORDER OF JUSTICE TAN SRI SITI NORMA YAAKOB

UPON the Applications of the First Defendant:

1. to strike out the Claimants’ Statement of Case; and
2. for security for costs

AND UPON hearing submissions from counsel for the First Defendant and counsel for the Claimants on 18 and 19 April 2010

IT IS ORDERED that:

1. The Application to strike out the Claimants’ Statement of Case is allowed in part as follows:

 

a. The Application to strike out the Claimants’ regulatory claim pursuant to Article 94 of the DIFC Regulatory Law, DIFC Law No. 1 of 2004 is dismissed.

 

b. The Application to strike out the Claimants’ breach of contract claim is also dismissed.

 

c. The Application to strike out the Claimants’ cause of action on misrepresentation is allowed and the misrepresentation claim is hereby struck out.

 

d. The Application to strike out the Claimants’ cause of action on negligence is also allowed and the negligence claim is hereby struck out.

 

2. The Application for security for costs is allowed subject to the following:

 

a. The Claimants to furnish security for the First Defendant’s costs in the sum of AED 3 million.

 

b. Such security will take the form of a Bank Guarantee to be issued by a Bank in Dubai in favour of the First Defendant.
c. The Guarantee to continue until final judgment or earlier Order of Court.

 

d. The Guarantee to be deposited in Court two months from 7 July 2010 and, in the event of default, the First Defendant is at liberty to apply.

 

3. Costs on the Application to strike out as well as on the Application for security for costs are reserved.

 
Issued By
Mark Beer
Registrar
Date of Issue: 03 August 2010
At: 12pm

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