Adeem Investment Holding Company KSCH v Al-Humaidhi & Ors

Adeem Investment Holding Company KSCH v Al-Humaidhi & Ors

There is a sufficient level of risk of loss to the Defendants arising from the proprietary injunction, justifying fortification of the Claimant's cross-undertaking in damages by payment of £4m into court, based on commercial realities, evidence of share price volatility, and likelihood of sale.

Parties
Claimant: Adeem Investment Holding Company KSCH; Defendant: Najeeb Al-Humaidhi; Defendant: Nama Investments Limited; Defendant: Primewagon Holdings Limited; Defendant: Primewagon (Jersey) Limited; Defendant: JTC (Jersey) Limited
Jurisdiction
England and Wales
Judgment Date
02 June 2021
Procedural Posture
Commercial Injunction Application / Interlocutory Application for Fortification of Cross Undertaking in Damages
Outcome
Application for fortification granted
Legal Topics
Freezing Orders, Proprietary Injunctions, Cross Undertaking in Damages, Fortification, Share Ownership Disputes
Commercial Law Equity Injunctions Freezing Orders Proprietary Injunctions Cross Undertaking in Damages Fortification Share Ownership Disputes

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Parties

Adeem Investment Holding Company KSCH

Claimant

Najeeb Al-Humaidhi

Defendant

Nama Investments Limited

Defendant

Primewagon Holdings Limited

Defendant

Primewagon (Jersey) Limited

Defendant

JTC (Jersey) Limited

Defendant

Procedural Posture

Commercial Injunction Application / 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 by payment into court
  2. 2 Whether there is a sufficient risk of loss to the Defendants arising from the proprietary injunction
  3. 3 What amount constitutes an intelligent estimate of prospective loss

Ratio Decidendi

There is a sufficient level of risk of loss to the Defendants arising from the proprietary injunction, justifying fortification of the Claimant's cross-undertaking in damages by payment of £4m into court, based on commercial realities, evidence of share price volatility, and likelihood of sale.

Court Disposition

Application for fortification granted

Orders

  • Claimant to pay £4m into court as fortification of cross-undertaking in damages
  • Counsel to confer and agree mechanics of payment; unresolved matters to be determined in further hearing if necessary