Debevoise & Plimpton LLP has successfully defended Neoma Private Equity Fund IV in claims brought by Abdulhameed Dhia Jafar arising out of the high profile collapse of the Abraaj Group in 2018. The claims concerned loans of $350 million allegedly made by Mr. Jafar to the Abraaj Group, and were brought in deceit and unjust enrichment under both Cayman Islands and UAE law.

Mr. Jafar alleged that Arif Naqvi, founder and chief executive of the Abraaj Group, deceived him into lending $350 million to the Group as it sought to raise urgent funds. Amongst other allegations, he argued that Mr. Naqvi committed a series of false representations about the overall soundness of the Abraaj Group’s finances and corporate governance.

The claims culminated in an 8-week trial in the Grand Court of the Cayman Islands, in which the Debevoise team was engaged for Neoma Private Equity Fund IV.

The Grand Court has issued a detailed and carefully reasoned judgment of more than 900 pages. Amongst other conclusions, the Grand Court dismissed the deceit and unjust enrichment claims, and found that Mr. Naqvi was not acting for and on behalf of Fund IV in his discussions with Mr. Jafar. Accordingly, Mr. Jafar’s attribution arguments also failed and the entirety of the claim was dismissed.

The Debevoise team advising Neoma Private Equity Fund IV was led by partner Christopher Boyne, and included counsel Luke Duggan, and associate Callum Murphy.