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CFI 026/2009 (1) Rafed Abdel Mohsen Bader Al Khorafi (2) Amrah Ali Abdel Latif Al Hamad (3) Alia Mohamed Sulaiman Al Rifai v (1) Bank Sarasin-Alpen (ME) Limited (2) Bank Sarasin & Co. Ltd

CFI 026/2009 (1) Rafed Abdel Mohsen Bader Al Khorafi (2) Amrah Ali Abdel Latif Al Hamad (3) Alia Mohamed Sulaiman Al Rifai v (1) Bank Sarasin-Alpen (ME) Limited (2) Bank Sarasin & Co. Ltd

October 28, 2018

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Claim No: CFI 026/2009

IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

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

Claimants

and

(1) BANK SARASIN-ALPEN (ME) LIMITED

(2) BANK SARASIN & CO. LTD

Defendants


ORDER OF JUSTICE SIR DAVID STEEL


UPON reading (i) the Order made by Deputy Chief Justice Sir John Chadwick on 28 October 2014 (but issued on 30 October 2014), (ii) the Orders made by Justice Roger Giles on 25 February 2015 and (as a single judge of the Court of Appeal) on 5 April 2015 (iii) the Order made by Justice Sir Richard Field on 21 May 2015 and (iv) the Order made by Justice Sir John Chadwick on 3 November 2015 (“the November 2015 Order”);

AND UPON reading (i) the written submissions and other documents filed on behalf of the parties pursuant to paragraphs 8 and 9 of the November 2015 Order (ii) the witness statement of Christopher Butler dated 24 November 2015 and (iii) the witness statement of Salomon Sebban dated 22 December 2015

AND UPON reading (i) the written submissions and other documents filed on behalf of the parties pursuant to paragraphs 2 and 3 of the 16 January 2017 Order (ii) the second witness statement of Christopher Butler dated 13 February 2017 and (iii) the certificate of Salomon Sebban dated 17 February 2017 and the submissions of the Claimants dated 13 March 2017

AND UPON reading all documents received on the Court file

IT IS HEREBY ORDERED THAT:

1. The Defendants shall jointly and severally within 14 days make an interim payment in regard to pre-judgement interest in respect of the Head (A) Losses (for the purposes of paragraph 4 of the November 2015 Order) in the amount of USD 1,457,013.00

2. The Interest due shall be allocated between the Claimants in accordance with the following formula:

Party Percentage Share
First Claimant 12.10%
Second Claimant 81.76%
Third Claimant 6.14%
 TOTAL 100.00%

 

3. The Defendants shall, jointly and severally, pay within 14 days to the Claimants’ USD 593,313.35 by way of an interim payment of costs arising from the Quantum Determination.

AND IT IS FURTHER ORDERED THAT:

4. Nothing in this Order shall, without further order, (i) permit the Claimants to enforce orders for payment against the assets of the First Defendant (a company in liquidation) or (ii) require the liquidator of the First Defendant to make payments out of the assets of that company.

 

Issued by:

Ayesha Bin Kalban

Assistant Registrar

Date of Issue: 28 October 2018

At: 12pm

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