Search

Judgments

Ahmed Al-Khateeb v Nexus Financial Services WLL

Appellate Division
Case No. CTFIC0030/2022
Neutral Citation
[2024] QIC (A) 6
Date
17 April 2024
Status
Keywords
Appellate Division
Breach of Contract
Misrepresentation
Mis-selling
Financial services
Structured products
Suitability
Judges
The Rt. Hon. The Lord Thomas of Cwmgiedd
Chelva Rajah SC
Fritz Brand
Summary

Ahmed Al-Khateeb, a retail customer of Nexus Financial Services in Qatar, appealed a decision dismissing his claims regarding unsuitable investment advice provided by Nexus in 2017. The Qatar Financial Centre Civil and Commercial Court Appellate Division granted permission to appeal on one ground, resulting in an order for Nexus to pay Al-Khateeb $175,634.50 in damages and cover his legal costs. Nexus, authorized only for insurance mediation, was found to have failed regulatory duties under COBR regarding "know your customer" and suitability of advice. The case highlighted deficiencies in Nexus' conduct and regulatory compliance.

Download Arabic
Download English

Judges

  • The Rt. Hon. The Lord Thomas of Cwmgiedd

    Wales

  • Chelva Rajah SC

    Singapore

  • Fritz Brand

    South Africa

Judgment Content

Other Judgments related to the same case

Case No. CTFIC0030/2022

  • Judgment No:

    [2023] QIC (F) 29

    12 July 2023
    View

Services

  • Decorative Pattern
    Judgments
    Judgments

    The Court administers swift, fair, cost-effective and enforceable judgements in line with global best practice, delivered by a distinguished panel of local and international judges.

  • Decorative Pattern
    Upcoming Hearings
    Upcoming Hearings

  • Decorative Pattern
    Courts
    Courts

    The Court’s independent judiciary is comprised of a civil and commercial court and a Regulatory Tribunal that specialises in regulatory appeals.

  • Decorative Pattern
    Mediation
    Mediation

    The Court offers mediation services to individuals, businesses, and others, whether located in Qatar or abroad. This is a voluntary process involving an independent third party (‘the mediator’) who helps the parties reach an amicable settlement in respect to their dispute.

  • Decorative Pattern
    Arbitration
    Arbitration

    Through its supervisory arbitrational jurisdiction under Law No 2 of 2017 issuing the Arbitration Law in Civil and Commercial Matters, parties can elect the QICDRC as the “Competent Court” of arbitration to perform various functions in relation to interim measures, enforcement of awards and appeals.

  • Decorative Pattern
    eCourt
    eCourt

    eCourt, QICDRC’s innovative electronic case management system, offers globally-accessible virtual hearing capabilities and live-streaming services.

Decorative Pattern

Useful Links

© 2024 All rights reserved.

Accessibility Tools

More info about Ask QICDRC
Start a new conversation

Ask QICDRC

Send
Close
Disclaimer

The responses provided by Ask QICDRC are AI-generated. Those who require questions as to specific legal rules or procedures before the QFC Civil and Commercial Court or the QFC Regulatory Tribunal must carefully read the relevant regulations/laws and, where there is any doubt, should contact a member of the Registry by telephone or email.

Are you sure to start a new conversation?

Cannot connect to Chat API, Please try again...