Ogier successfully defends multimillion dollar Abraaj fraud claim

The Honourable Justice Segal of the Grand Court of the Cayman Islands has handed down his long-awaited judgment in the case of Abdulhameed Jafar v Abraaj Holdings and Others FSD 203 of 2020 (NSJ) (Abraaj).  

The proceedings arose from the dramatic collapse and subsequent liquidation of the Abraaj Group, a once-dominant private equity group founded in the Middle East, which at its height was said to have had over US$13 billion of reported assets under management.

The claims brought by the Plaintiff Mr Abdulhameed Jafar concern three loans equating to approximately US$350 million, allegedly made to certain Abraaj entities in late 2017. 

Ogier's Cayman Islands Dispute Resolution team successfully defended the Fourth Defendant alongside leading counsel Andrew Ayres KC of Twenty Essex, Henry Philips of South Square and Owen Lloyd of Essex Court and Debevoise & Plimpton in London.

Justice Segal dismissed all of Mr Jafar's claims, including those based on UAE law alleging deceit and enrichment without cause.

The comprehensive 938-page judgment, delivered after an extensive eight-week trial held over three months, evaluated evidence from six factual witnesses and five expert witnesses. The decision addresses a range of issues, including matters such as: 

• the tort of deceit

• fraudulent misrepresentation

• the law of attribution / agency and authority

• exempted limited partnerships

• double-actionability

• adverse inferences

• the appropriate approach for the Court to take in relation to both expert and witness evidence 

Read more about the eight-week trial in: Abraaj multi-million dollar fraud claim trial ends.

Ogier’s Cayman Islands Dispute Resolution team has acted for the Fourth Defendant in the Abraaj proceedings since their commencement in 2020 and has been crucial to bringing about the efficient hearing of the claim in these substantial proceedings, as well as the Fourth Defendant's many successes in the prior interlocutory stages.  

The Ogier team was led by partner Jennifer Fox, and comprised of managing associates Rebecca Findlay and Farrah Sbaiti, consultant James Clifford, and senior associates Victoria King and Jessica-Leigh Knowles. 

Also contributing to the effort during their time as articled clerks were Ghita Moyle, Raedean Simpson and Wray Sulisz along with paralegal Shay Miller, rounding out a team marked by dedication, legal acumen and representative of the quality of the broader team and its capabilities.   

Read more about the historical proceedings in the Abraaj fraud claim in the Cayman Islands in Cayman Court grants Abraaj group related security for costs and Recent Cayman litigation emanating from the Middle East.