Tuesday, 20 April 2010
Swiss bank asks DIFC Court to reject claim for investment loss
A subsidiary of Switzerland’s Bank Sarasin yesterday asked a Dubai court to strike down a US$225 million (Dh826.4m) claim that it misrepresented investments to three members of a prominent Kuwaiti family.
The request came during the first hearing of a case lodged in the Dubai International Financial Centre (DIFC) Courts late last year.
Rafed al Khorafi, the chairman of AM Al-Khorafi Establishment in Kuwait, along with his wife and mother, claimed investments made in 2007 were presented as ones that could “never lose money”, but resulted in $75m of losses, court documents show.
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