Adeem Investment Holding Company KSCH v Al-Humaidhi & Ors [2021] EWHC 1483 (Ch) (02 June 2021)

Adeem Investment Holding Company KSCH v Al-Humaidhi & Ors [2021] EWHC 1483 (Ch) (02 June 2021)

There is a sufficient level of risk of loss to the Defendants arising from the injunction, given the volatility of the AML share price and the commercial realities that may require a sale at short notice. The Claimant's evidence does not adequately address the risk, and the amount of £4m is a realistic and informed estimate of potential loss. Fortification is therefore ordered.

Citation
[2021] EWHC 1483 (Ch)
Parties
Claimant: Adeem Investment Holding Company KSCH; First Defendant: Najeeb Al-Humaidhi; Second Defendant: Nama Investments Limited; Third Defendant: Primewagon Holdings Limited; Fourth Defendant: Primewagon (Jersey) Limited; Fifth Defendant: JTC (Jersey) Limited
Jurisdiction
England and Wales
Judgment Date
02 June 2021
Procedural Posture
Commercial Chancery / Interlocutory Application for Fortification of Cross Undertaking in Damages
Outcome
Application granted
Legal Topics
Freezing Orders, Proprietary Injunctions, Cross Undertaking in Damages, Fortification of Undertakings, Share Ownership Disputes
Commercial Law Equity and Trusts Injunctions Freezing Orders Proprietary Injunctions Cross Undertaking in Damages Fortification of Undertakings Share Ownership Disputes

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Parties

Adeem Investment Holding Company KSCH

Claimant

Najeeb Al-Humaidhi

First Defendant

Nama Investments Limited

Second Defendant

Primewagon Holdings Limited

Third Defendant

Primewagon (Jersey) Limited

Fourth Defendant

JTC (Jersey) Limited

Fifth Defendant

Procedural Posture

Commercial Chancery / Interlocutory Application for Fortification of Cross Undertaking in Damages

Legal Issues

  1. 1 Whether the Claimant should be ordered to fortify its cross-undertaking in damages in respect of a proprietary injunction restraining dealings in shares.
  2. 2 Whether there is a sufficient risk of loss to the Defendants arising from the injunction to justify fortification.
  3. 3 What is the appropriate amount for fortification.

Ratio Decidendi

There is a sufficient level of risk of loss to the Defendants arising from the injunction, given the volatility of the AML share price and the commercial realities that may require a sale at short notice. The Claimant's evidence does not adequately address the risk, and the amount of £4m is a realistic and informed estimate of potential loss. Fortification is therefore ordered.

Court Disposition

Application granted

Orders

  • Claimant to pay £4,000,000 into court as fortification of its cross-undertaking in damages within 14 days.