QFC 0014/2021, [2023] QIC (F) 41
Amberberg Limited and Prime Financial Solutions LLC v Thomas Fewtrell, Nigel Perera and Louise Kidd
Type
Case
Court
Qatar Financial Centre - Court of First Instance
Jurisdiction
Qatar Financial Centre
Taxonomy
Financial Institutions, Financial Services & Activities, Share Schemes, Breach, Discharge & Rescission of Contract
Decision date
7 Sep 2023
Panel
Justice Lord Hamilton, Justice Fritz Brand and Justice Helen Mountfield KC
Catchwords
Share Purchase Agreement - False Warranty - Loss in Share Value - Financial Services Company - Suspension
This was a quantum case involving a breach of a warranty in a share purchase agreement for a financial services company.The liability had not been disclosed as warranted. There was later a breach on required asset value of the company which led to the regulator suspending their licence, causing serious financial difficulties and left the shares losing value. Issues included the legal point of whether events after the breach could be considered, and the method for calculating the loss.