Kuwait's wealthy al Khorafi family scored a courtroom victory this week, clearing the way for a full hearing of their claims that a unit of Switzerland's Bank Sarasin misrepresented risky investments as safe.
Rafed al Khorafi, along with his wife and mother, are seeking triple damages totalling US$225 million (Dh826.2m) from the subsidiary Bank Sarasin-Alpen, alleging they lost $75m on investments they were told could not lose money. The case is being heard at the Dubai International Financial Centre (DIFC) Courts. It is one of the first in the DIFC's court system to stem from allegations of fraudulent or misleading investment advice.
In a judgment on Tuesday, a three-member appeals panel dismissed Bank Sarasin-Alpen's argument that the al Khorafis had not made their claims under the correct DIFC statutes. The panel also reinstated claims of negligence and misrepresentation that another judge dismissed in July while rejecting an attempt by Bank Sarasin-Alpen to strike out breach of contract claims.
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