Standard Chartered Bank -v- Ahmad Hamad Algosaibi, Grand Court of the Cayman Islands (Financial Services Division) Cause No. FSD 3 of 2013, per Henderson J (10 June 2014)

Jun 2014

CAYMAN ISLANDS

GRAND COURT

RECOGNITION AND ENFORCEMENT OF FOREIGN JUDGMENTS – DEFAULT JUDGMENT

The Plaintiff Bank obtained a Bahrain decision of the Bahrain Chamber for Dispute Resolution, acknowledging the Defendants’ indebtedness to the Bank in the amount of US$25 million. The Bank then sought to have that decision recognised and enforced in the Cayman Islands.

The Defendant was served outside the jurisdiction with a Writ of Summons and Statement of Claim and ultimately (after first indicating that they intended to contest the claim) filed an acknowledgement of service stating that they were not intending on contesting the claim. The Defendants did not file a defence.