Three members of Kuwaits wealthy al Khorafi family have vowed to appeal against a decision last week by a Dubai court to strike down claims of negligence and misrepresentation in a US$225 million (Dh826.3m) case against a subsidiary of Switzerlands Bank Sarasin.
Three members of Kuwait’s wealthy al Khorafi family have vowed to appeal against a decision last week by a Dubai court to strike down claims of negligence and misrepresentation in a US$225 million (Dh826.3m) case against a subsidiary of Switzerland’s Bank Sarasin.
Raed al Khorafi, along with his wife and mother, sued the DIFC-based Bank Sarasin-Alpen late last year over losses on investments they claim were sold as safe. The al Khorafis say they lost $75m, but are seeking triple damages under DIFC regulations covering contracts and fraud.
Justice Tan Sri Siti Norma Yaakob ruled last week that two of the al Khorafis’ four claims – those covering alleged misrepresentation and negligence – lacked adequate evidence for the court to make a ruling.
The judge allowed the al Khorafis to proceed on their two other claims, which allege breach of contract and breach of statutory duty.
“Although the judge decided that the [al Khorafis’] alternative and subsidiary claims based on alleged misrepresentations and negligence should not proceed, the [al Khorafis] are confident that these will be reinstated following the decision of the court to allow an appeal,” the family said.
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