Invest Bank PSC v El-Husseini & Ors

Tim Penny KC and Marc Delehanty (instructed by PCB Byrne LLP) for the Claimant Niranjan Venkatesan and Matthew Barry (instructed by Debenhams Ottaway LLP) for the Sixth Defendant Hearing dates: 12-14 September 2023 ____________________

This judgment was handed down by the judge remotely by circulation to the parties' representatives by email and release to The National Archives. The date and time for hand-down is deemed to be Wednesday 20 September 2023 at 12.00pm.

(a) As regards Tadamun: the Bank obtained a judgment in the sum of AED 45,849,888.27 plus interest against D1 and the corporate borrowers as joint debtors in the Abu Dhabi CFI on 20 September 2020; this was upheld by the Abu Dhabi CA on 9 February 2021 with a variation as to additional interest on part of the awarded sum. A total amount of AED 56,581,754.56 (equivalent to �11,834,978.09) is said to have been outstanding on such final monetary judgment as at 1 July 2021.

(b) As regards Commodore: the Bank obtained a judgment in the sum of AED 39,313,853.69 against D1 and the corporate borrowers as joint debtors in the Abu Dhabi CFI on 24 January 2021; this was upheld by the Abu Dhabi CA on 23 March 2021; a further appeal was dismissed by the Abu Dhabi CC on 1 July 2021. A total amount of AED 39,312,663.38 (equivalent to �7,823,587.38) is said to have been outstanding on such final monetary judgment as at 1 July 2021.

1- The Licensed Financial Institutions shall obtain sufficient guarantees for all kinds of facilities provided to customers among physical persons as well as the private individual enterprises, according to the income of the consumers, or the guarantee � if any � as well as in accordance with the amount of the required facilities, as determined by the Central Bank.