Plantation Holdings (FZ) LLC v Dubai Islamic Bank PJSC
[2017] EWHC 520 (Comm)
03 Apr 2017
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Robert Anderson QC successfully acted at trial for the Dubai Islamic Bank in a claim against it for US$2 billion arising out of a restructuring agreement concluded in the wake of a multi-million commercial credit fraud.
Following a 9 week trial in the Commercial Court (before Picken J) the Claimant recovered only nominal damages of £1, and Robert obtained indemnity costs of the action on behalf of the Bank.
At the outset, successfully resisted Plantation’s application (to Flaux J and Court of Appeal) to order trial of this action with the PSI Energy claim. In February 2015, successfully resisted Plantation’s application for summary judgment (following a 3 day hearing before Teare J). The claim raised interesting and important issues in relation to banking, conflict of laws, foreign security and the assessment of damages. The full judgment can be read here.
This claim arose out of earlier proceedings in the Commercial Court (Dubai Islamic Bank PJSC v PSI Energy Holding Co & ors (2013 - 2014) [2013] EWCA Civ 1229; [2013] EWHC 3186 (Comm); [2013] EWHC 3781 (Comm), in which Robert acted for DIB in a claim by the Bank against the fraudsters arising from the same commercial credit fraud. A 3 week trial in the Commercial Court in October 2013 (before Flaux J) resulted in judgment for the Bank for $440 million. Successfully opposed permission to appeal.
