Tuesday 02, September 2014 by

Clifford Chance reviews DIFC Court ruling against Bank Sarasin

The DIFC Court of First Instance found Bank Sarasin & Co. Ltd, a Swiss incorporated bank with no registered presence in the Dubai International Finance Centre (DIFC), and its Dubai Financial Services Authority (DFSA) authorised DIFC subsidiary, Bank Sarasin-Alpen ME Limited (Sarasin-Alpen), in breach of the DIFC Regulatory Law with liability to pay compensation to the members of the Khorafi family who purchased $200 million of structured products, which were financed, in part, by loans from Bank Sarasin and from another bank.

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