Claim No: CFI 035/2014
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
(1) MR RAFED ABDEL MOHSEN BADER AL KHORAFI
(2) MRS AMRAH ALI ABDEL LATIF AL HAMAD
(3) MRS ALIA MOHAMED SULAIMAN AL RIFAI
KBH KAANUUN LIMITED
UPON the Claimants accepting that they are liable to the Defendant in the sum of US$ 4,000,000 (“the Settlement Sum”) for professional fees and US$ 948,593.00 for disbursements (“the Third Party Disbursement Sum”) and US$ 60,144.00 for KBH’s Disbursements (“the KBH Disbursement Sum”) collectively “the Sums”.
AND UPON the Claimants agreeing to pay the Settlement Sum and the Third Party Disbursement Sum as well the KBH Disbursement Sum (if it is recovered from the Defendants in the CFI 026/2009 case) to the Defendant in full and final settlement of the claims under the proceedings CFI 035/2014 (“the Proceedings”). Such Settlement Sum and the Third Party Disbursement Sum to be paid in three tranches as follows:
a. A sum of U.S. $ 2,000,000 (“the First Tranche Payment”) shall be payable from the monies awarded to the Claimants in CFI 026/2009 (“the Main Proceedings”) and paid by Bank Sarasin Alpen (ME) Limited and Bank J.Safra Sarasin Limited (formerly Bank Sarasin & Co Limited) (“the Defendants in the Main Proceedings”) as partial compensation and as interim-payment of costs respectively (“the Interim Judgment Sum”), by the Order of the Deputy Chief Justice Sir John Chadwick dated 28 October 2014 and currently preserved by the Preservation Order in Court of H.E. Justice Omar Ali Muhairi dated 10 November 2014 in CFI 036/2014 (“the Interim Preservation Order”).
b. A further sum of U.S. $ 1,400,000 (“the Second Tranche Payment”) shall be payable from the sum ordered to be paid by the Defendants in the Main Proceedings following the quantum hearing in the Main Proceedings on 02 March 2015 (or any adjourned date) (“the Quantum Hearing”). Such sums that are awarded to the Claimants following the Quantum Hearing shall be paid into Court by the Defendants in the Main Proceedings (‘the Second Preserved Fund”) and used to pay the Second Tranche Payment.
c. The balance of U.S.$ 600,000 (“the Balance Payment”) shall be payable upon the Claimants recovering the costs from the Defendants in the Main Proceedings in an interpartes assessment on condition that they are able to recover 65% of the Defendant’s claimed costs. The Defendant will provide its assistance to recover those costs.
d. The Third Party Disbursement Sum shall be paid from the Interim Judgment Sum at the same time as the First Tranche Payment.
e. The KBH Disbursement Sum will be paid to the Defendant in the event that it is recovered from the Defendants in the Main Proceedings.
AND UPON the Claimants agreeing that they will not seek to discharge the Interim Preservation Order and/or the Second Preserved Fund until the Defendant has been paid the Sums.
AND UPON agreeing that in the event that there is a settlement between the Claimants and the Defendants in the Main Proceedings prior to the Quantum Hearing then the Claimants agree and undertake that any monies agreed to be paid by the Defendant in the Main Proceedings by way of settlement will be paid into Court. In the event that the Main Proceedings are settled then the Claimants undertake to inform the Defendants in the Main Proceedings about their obligations under the Settlement Agreement and further undertake to include a provision in any settlement agreement with the Defendants in the Main Proceedings that due to the outstanding liability to the Defendant, the Defendants in the Main Proceedings will pay the Second Tranche Payment, the Balance Payment and the KBH Disbursement Sum into Court which will be disbursed to the Defendant to satisfy the Claimants outstanding liability to the Defendant.
AND UPON it being agreed that the Defendant will forthwith, discharge any Solicitor’s Lien as to papers and/or files, on receipt of the First Tranche Payment deliver all files, exhibits, reports, computer and time records and other information in its possession and relating to the Main Proceedings to the legal representatives of the Claimants.
AND UPON the Parties agreeing terms as set out in the Settlement Agreement dated 01 February 2015 (“the Settlement Agreement”).
IT IS HEREBY ORDERED BY CONSENT THAT:
1. The Part 8 Claim and Part 8 Counterclaim shall be stayed until further notice from the Court.
2. No order as to costs.
Nassir Al Nasser
Date of issue: 9 February 2015
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