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Swiss bank mis-sells $200m investments to Khorafi family

: Sunday, August 24 - 2014 @ 00:40

Switzerland’s Bank Sarasin mis- announced that it has sold $200 million of investment products to Kuwait’s prominent Khorafi family, a court at Dubai’s financial centre found on Thursday in a ruling that could set a precedent for similar disputes in the region. The Dubai International Financial Centre’s (DIFC) Court of First Instance ordered Sarasin to pay compensation in what may be one of the biggest awards in the 10-year history of the DIFC, which is growing in importance as a financial jurisdiction, Reuters reported. The verdict could also set a precedent in future disputes between cash-rich Middle Eastern investors and the Western financial institutions which channel much of the region’s wealth into overseas markets. The court’s judgement did not set a figure for the compensation to be paid to the Khorafis, but the family has been asking for more than $26.5 million in court. Sarasin has 14 days to appeal, court officials said.

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Sunday, August 24- 2014 @ 0:40 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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