The Claimant filed a Claim Form dated 22 July 2022, amended on 26 August 2022, for USD 357,116.66, representing losses resulting from a delayed investment exit, against Banque Misr U.A.E for alleged contractual breaches. The Claimant relied on Article 64(a) and 83 of DIFC Law No. No. 6/2004. In the alternative, the Claimant sought recovery of the loss based on the Defendant’s alleged negligence, pursuant to Article 17(1) of DIFC Law No. 52005.

There were ancillary proceedings at the DIFC Courts related to this matter, but this judgment flowed from a pre-trial hearing held on 7 June 2024, followed by a trial on 3 July 2024.

At the heart of the dispute were two investments the Claimant made through the Defendant, both of which related to the purchase and sale of Egyptian Government Pound Treasury Bills (TB) in a 190-day Investment.