Ivana Daskalova Secures Dismissal of £65m Fraud Claim in the ADGM Courts
On 6 March 2026, the ADGM Court issued judgment in Union Properties PJSC & Anor v Trinkler & Partners Ltd & Others [2026] ADGMCFI 0010. Ivana Daskalova successfully represented two Defendants to a £65 million fraud claim (acting as sole counsel against a led team). Following a 9-day trial, Justice Sir Andrew Smith dismissed all claims brought by Union Properties, one of Dubai’s leading property developers, against First Fund Management Ltd and Paresh Khiara.
The case concerned a “complicated and sophisticated fraud” involving P-Notes and required the Court to consider, in a 100-page judgment, wide-ranging causes of action (including in deceit, negligent misrepresentation, unlawful means conspiracy, dishonest assistance, and under the Financial Services and Markets Regulations 2015) as well as procedural and evidential issues such as the impact of notices to prove under r. 110 of the ADGM Court Procedure Rules 2016.
Ivana was instructed by Andrew Mackenzie, Andrew Massey and Ross Wilson at DLA Piper Middle East LLP.
Access the judgment in full here.
