For the second time this year PCB Byrne has successfully defeated a US$1bn+ Commercial Court claim, this time on behalf of major shareholders in NMC Health Plc accused of deceiving Abu Dhabi Commercial Bank into lending money to the NMC Group. The Bank accused PCB Byrne’s clients of implied fraudulent misrepresentations about the financial health of NMC, as a consequence of undisclosed borrowing of billions of dollars.
In a judgment handed down on 1 April 2022, His Honour Judge Pelling QC found that the UAE was clearly the appropriate forum for the claims and that such claims should not therefore be pursued in England. He stayed the proceedings and ordered that, subject to any appeal, the US$1bn freezing order obtained by the Bank be discharged. He also made findings that the Bank had breached its duty of full and frank disclosure and fair presentation.
The PCB Byrne team was led by Trevor Mascarenhas, assisted by Andrew McLeod, Camilla Cook, Nadia Asfour, Cath Eason and Caitlin Foster instructing Tim Penny QC, James Sheehan, Sam Goodman and Fred Alliott.