3VB Strikes Out US$1 Billion Claim

Rafed Al Khorafi and others v Bank Sarasin Ltd 2018 (DIFC) CA 010

Ewan McQuater QC led the successful counsel team instructed by Clifford Chance in this comprehensive win in the DIFC Court of Appeal striking out a US$1 billion claim against Bank J Safra Sarasin Limited as an abuse of process. The claim was brought by Kuwaiti former clients alleging deceit and misrepresentation said to have induced deposits or investments with the bank in the Gulf. The alleged losses included substantial claims on real estate projects and an intended London share flotation.

The case has generated significant press interest in Dubai and the Court of Appeal’s recent ruling is of considerable legal interest in exploring the currently topical question of the boundaries of the abuse of process doctrine.

The judgment can be found here.