Judgment handed down in the matter of Bank Sarasin-Alpen (ME) Limited

June 4, 2024

Justice Sir Jeremy Cooke, sitting in the Court of First Instance of the Dubai International Financial Centre (DIFC), has handed down judgment dismissing a strike-out/immediate judgment application made by the Defendants in response to the claims brought by Bank Sarasin-Alpen (ME) Limited and its liquidator for damages of over USD 75m.

The Defendants raised 83 separate grounds for their application, all of which were rejected by the Judge. The Judge’s decision considers among other issues: the application of the DIFC’s limitation provisions in relation to fraud claims; the availability of knowing receipt/dishonest assistance claims under DIFC law; the scope of fiduciary obligations owed by company directors and senior employees under DIFC law; and the applicable test for when company directors owe a duty to take into account the interests of a company’s creditors.

Trial in this landmark case has been listed for October and November 2025.

Sharif A. Shivji KC, Albert Sampson, and Hossein Sharafi acted for the successful Claimants, instructed by Nick Braganza, Tanisha Saxena, Thomas Neighbour and Emily Hook of Holman Fenwick Willan.

Download the judgment dismissing the applications of the Defendants.