Khorafis vow to continue fight in $225m case against Swiss bank - The National Newspaper

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.