Qatar Investment and Projects Development Holding Company & Anor v Phoenix Ancient Art SA & Ors

Qatar Investment and Projects Development Holding Company & Anor v Phoenix Ancient Art SA & Ors

The claimants satisfied all requirements for a worldwide freezing order: a good arguable case established by summary judgment, evidence of substantial assets outside jurisdiction, real risk of dissipation due to defendants' conduct and asset structure, and it is just and convenient to grant relief. Asset disclosure orders are appropriate, with staggered deadlines for compliance.

Parties
Claimant: Qatar Investment and Projects Development Holding Company; Claimant: His Highness Sheikh Hamad bin Abdullah Al Thani; Defendant: Phoenix Ancient Art SA; Defendant: Ali Aboutaam; Defendant: Hicham Aboutaam; Defendant: Roland Ansermet; Defendant: Petrarch LLC d/b/a Electrum
Jurisdiction
England and Wales
Judgment Date
06 March 2025
Procedural Posture
Civil / Post Judgment Application for Worldwide Freezing Order
Outcome
Worldwide freezing order granted until return date, asset disclosure orders granted with staggered deadlines.
Legal Topics
Freezing Injunction, Asset Disclosure, Fraud, Misrepresentation, Damages
Civil Procedure Commercial Law Freezing Injunction Asset Disclosure Fraud Misrepresentation Damages

Case Brief

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Parties

Qatar Investment and Projects Development Holding Company

Claimant

His Highness Sheikh Hamad bin Abdullah Al Thani

Claimant

Phoenix Ancient Art SA

Defendant

Ali Aboutaam

Defendant

Hicham Aboutaam

Defendant

Roland Ansermet

Defendant

Petrarch LLC d/b/a Electrum

Defendant

Procedural Posture

Civil / Post Judgment Application for Worldwide Freezing Order

Legal Issues

  1. 1 Whether claimants are entitled to a post-judgment worldwide freezing order against defendants
  2. 2 Whether asset disclosure orders should be granted and their scope/timing
  3. 3 Whether risk of dissipation of assets exists

Ratio Decidendi

The claimants satisfied all requirements for a worldwide freezing order: a good arguable case established by summary judgment, evidence of substantial assets outside jurisdiction, real risk of dissipation due to defendants' conduct and asset structure, and it is just and convenient to grant relief. Asset disclosure orders are appropriate, with staggered deadlines for compliance.

Court Disposition

Worldwide freezing order granted until return date, asset disclosure orders granted with staggered deadlines.

Orders

  • Total figure of frozen assets set at US$10 million.
  • Phoenix defendants to disclose straightforward assets by return date.