QFC 0071/2023, [2024] QIC (F) 23
Amberberg Limited v Prime Financial Solutions LLC and others
This case involved whether the court had jurisdiction to make an order for security for costs.
Background
The claims against the Defendants arose in the context of long-running litigation brought by the Claimant that was commenced on 11 November 2023. The Claimant was a company incorporated in the British Virgin Islands. Ms Koureas-Jones' evidence was that it was not a trading entity and did not have any assets in the State of Qatar. Its sole director and shareholder was Mr Veiss.
The Claimant's case against the eight defendants involved in this case arose from the Claimant's acquisition of shares in the First Defendant and its holding and divestment of those shares. The Claimant's case was the First Defendant owed a duty of care to its investor and shareholder to make certain disclosures, refrain from making misrepresentations, and to comply with the QFC regulations.