1 December 2010

Mr Michael Swainston QC and Mr Edward Harrison (Counsel, Brick Court Chambers, London, UK) and Mr Irvine Marr and Mr Mark Beswetherick (Solicitors, Clyde & Co, Dubai, UAE) for the Liquidators.

Mr Feisal Hussain Naqvi (Counsel, Bhandari, Naqvi & Riaz, Lahore, Pakistan) for Mr Babiker.

In the name of His Highness Sheikh Hamad bin Khalifa Al-Thani, Emir of the State of Qatar

Justice Dohmann, Justice Lord Cullen, Justice Sackville:

JUDGMENT

THE COURT:

INTRODUCTION

• 1 This judgment contains the determination of the Court on certain questions referred to it by the liquidators (“Liquidators”) of Al Mal Bank LLC (“Bank”). The Court ordered on 6 June 2010 that the Bank be wound up pursuant to Article 77 of the QFC Insolvency Regulations (Regulation No 5 of 2005) (“Insolvency Regulations”) and that Ms J K Rolls and Mr S J Parker of RMS Tenon be appointed as Liquidators. They have asked the Court to determine questions that arise by reason of claims that had been brought against the Bank, but not resolved, when the winding up order was made.