Abraaj Investment Management Limited (in liquidation) & Ors v Kes Power Limited & Ors

Abraaj Investment Management Limited (in liquidation) & Ors v Kes Power Limited & Ors

Mashreq succeeded in its claim for US$37,030,000 against KESP based on estoppel by convention, as all parties acted on the common assumption that AH could assign the KESP Receivable to Mashreq. AIML's claim for US$4,416,114 for expenses was upheld, as these were validly incurred, notified, and approved. Other claims, including Mashreq's additional claims and claims for further sums, failed. The disputed debt is not time-barred due to acknowledgments and standstill agreements.

Parties
Claimant: Abraaj Investment Management Limited (in liquidation); Claimant: Sage Venture Group Limited; Claimant: K Power Holdings Limited; Defendant: KES Power Limited; Defendant: Shan-e-Abbas Ashary; Defendant: Mashreqbank PSC; Defendant: Keiran Hutchinson (receiver); Defendant: Hani Bishara (receiver)
Jurisdiction
England and Wales
Judgment Date
16 January 2026
Procedural Posture
Commercial Claim / Final Judgment
Outcome
Claims partially allowed; Mashreq and AIML succeed in part.
Legal Topics
Assignment of Debts, Estoppel, Consultancy Services Agreement, Expenses Reimbursement, Limitation of Actions, Priority of Assignments, Notice of Assignment, Implied Assignment, Money Had and Received
Commercial Law Contract Law Equity Company Law Assignment of Debts Estoppel Consultancy Services Agreement Expenses Reimbursement +5 more

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Parties

Abraaj Investment Management Limited (in liquidation)

Claimant

Sage Venture Group Limited

Claimant

K Power Holdings Limited

Claimant

KES Power Limited

Defendant

Shan-e-Abbas Ashary

Defendant

Mashreqbank PSC

Defendant

Keiran Hutchinson (receiver)

Defendant

Hani Bishara (receiver)

Defendant

Procedural Posture

Commercial Claim / Final Judgment

Legal Issues

  1. 1 Is the disputed debt due and payable, and if so, in what amount?
  2. 2 Is the debt due to AIML, SAGE, KPHL or Mashreq?
  3. 3 Was there an express or implied assignment from AIML to AH?

Ratio Decidendi

Mashreq succeeded in its claim for US$37,030,000 against KESP based on estoppel by convention, as all parties acted on the common assumption that AH could assign the KESP Receivable to Mashreq. AIML's claim for US$4,416,114 for expenses was upheld, as these were validly incurred, notified, and approved. Other claims, including Mashreq's additional claims and claims for further sums, failed. The disputed debt is not time-barred due to acknowledgments and standstill agreements.

Court Disposition

Claims partially allowed; Mashreq and AIML succeed in part.

Orders

  • Mashreq awarded US$37,030,000 plus interest against KESP.
  • AIML awarded US$4,416,114 plus interest against KESP.