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The Commercial Court has handed down judgment in this long-running dispute between three Saudi Arabian Sheikhs concerning a US$30m payment made in 2002, dismissing the Claimant’s claim, following a four-week trial, that the monies were a loan.

In doing so, the Court provided important guidance on the principles to be applied in identifying the governing law of a contract and, having heard foreign law evidence, the relevant requirements under Sharia law for contract formation, agency and limitation.

Stephen Nathan KC and Daniel Cashman represented the Claimant. Andrew George KC (with Nico Leslie) represented the First Defendant. Shail Patel acted for the Second Defendant.

The full judgment can be found here.

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