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Dubai Islamic Bank PJSC v PSI Energy Holding Company BSC  EWHC 3781 (Comm),  All E (D) 79 (Dec)
The claimant (the Bank) brought a claim, against various defendants in respect of a debt for some US$432m, which it contended was due under a restructuring agreement, following an event of default. The Commercial Court held that, on the facts, the Bank was entitled to the sums claimed.
In Dubai Islamic Bank PJSC v PSI Energy Holding Company BSC, the Bank provided banking and financial services in accordance with Islamic law. The Bank entered into a restructuring agreement (RSA) with one of the defendants after the bank discovered that it had been a victim of a long-standing major international trade receivables fraud. A lease of land held by a company owned by two of the defendants was the principal security provided to the Bank under the RSA. Three of the five defendants also granted guarantees for amounts owing under the RSA. Following an event of default under the RSA, the Bank claimed under the guarantees for amounts due and unpaid and
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