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Judgments

Bank Audi LLC v Bin Omran Trading & Contracting Company WLL and KH Holding

Court of First Instance
CTFIC0024/2022
Neutral Citation
[2023] QIC (F) 7
Date
08 March 2023
Status
Keywords
Banking
Loans
Guarantees
Summary Judgment
First Instance Circuit
Direct Facilities
Indirect Facilities
Judges
Lord Hamilton
Fritz Brand
Ali Malek KC
Summary

The Qatar International Court ruled in favor of Bank Audi Company LLC against Bin Omran Trading & Contracting Company WLL and KH Holding. The court ordered the defendants to pay QAR 19,988,460 in outstanding capital plus interest and fees for the Direct Facility. For the Indirect Facilities, Bin Omran must provide QAR 13,491,522 as cash collateral for guarantees, with KH Holding acting as a guarantor if Bin Omran fails to comply. The court also awarded the bank its costs. The defendants did not participate in the proceedings, and the judgment includes provisions for the return of collateral if no liability under the guarantees arises.

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Judges

  • Lord Hamilton

    Scotland

  • Fritz Brand

    South Africa

  • Ali Malek KC

    England

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