LONDON, June 26, 2024 (GLOBE NEWSWIRE) -- Burlingtons Legal LLP, on behalf of
its client, Farhad Azima, an aviation executive and citizen of the United States
of America, has succeeded in securing a global freezing order against Ras Al
Khaimah sovereign wealth fund, RAKIA, in the English High Court. On 25 June
2024 the High Court in London granted American aviation businessman, Farhad
Azima, the continuation of a worldwide freezing order
(https://web.tresorit.com/l/qLHmj#S-ZqJuOmXrYbXP6ZpoRwGg) against Ras Al Khaimah
Investment Authority ("RAKIA") who are the sovereign wealth fund of Ras Al
Khaimah, an Emirate of the UAE.
Mr Azima alleged in court that he was hacked by RAKIA and their solicitors
Dechert LLP, the international law firm. Dechert recently settled with Mr Azima
and agreed to pay him multimillion pound damages, but Mr Azima has had to pursue
worldwide enforcement proceedings against the sovereign wealth fund in an
attempt to recover approximately £21m owed in unsatisfied High Court judgments.
Mr Justice Michael Green, sitting in private, granted the initial worldwide
freezing injunction (https://web.tresorit.com/l/5JDzp#w-_e3ul2qaUr4LvnZsoFdQ)
against RAKIA, commenting that the fund had "behaved dishonestly and
fraudulently, obtaining judgments from this court by fraud and mounting a full
scale operation to hack Mr Azima's private and confidential information."
Mr Justice Michael Green also observed that RAKIA's "behaviour throughout the
case has been shown to be dishonest and since it has backed out of the
proceedings it has failed to pay any of the orders made against it, despite it
saying that it will ensure that any judgments entered against it are satisfied."
RAKIA's non-compliance with numerous English Court orders comes at a time when
Ras Al Khaimah continues to promote itself as a safe destination for tourists
and for international investment, with tours of France and Italy, as well as the
promotion of Wynn Resorts' Wynn Al Marjan Island project in Ras Al Khaimah.
Mr Azima's application for a freezing order arises from recent asset
dissipation, including the purported sale on 30 May 2024 of the Marriott
Sheraton Grand Tbilisi Metechi Palace Hotel in Tbilisi, Georgia, which for over
15 years was owned by Ras Al Khaimah Georgia LLC, a wholly owned subsidiary of
RAKIA.
But recently the hotel was apparently sold for approximately $45 million to
Tbilisi Hotel Holdings LLC - a newly incorporated company that has the "same
directors as RAKIA Georgia, (and) appears to be owned by a Ras Al Khaimah
entity". The transfer document was "signed by the same person on behalf of both
the purchaser and the seller".
The Court has been supportive of Mr Azima's attempts to prevent further
dissipation of assets by RAKIA, noting that it "appears that RAKIA is taking
steps to make itself judgment-proof." The global freezing order granted by Mr
Justice Michael Green was today extended indefinitely (or until the £21m owed to
Mr Azima is satisfied), requiring RAKIA not to remove, dispose of, deal with, or
diminish the value of any assets in England and Wales, or outside it, up to the
value of £21m.
Going beyond the scope of typical freezing orders, the Order granted to Mr Azima
further restricts corporate bodies directly or indirectly owned or controlled by
RAKIA from disposing of, dealing with, or diminishing the value of any of their
respective assets, whether in or outside England and Wales, up to the same
value, therefore catching any subsidiaries who may attempt to avoid enforcement
action by dissipating assets. RAKIA was also required to provide to Mr Azima a
list of all its assets worldwide exceeding £50,000 in value, whether held in its
own name or not.
If RAKIA or their officers, Naser Thafer Husni Al Bustami and Mohamad Sultan Al
Qadi, disobey this Order, then they may be held in contempt of court, fined,
have their assets seized or, for the officers, imprisoned. This also applies to
anyone in the UK who knowingly assists in or permits a breach of this Order.
Dr Al Bustami is the current CEO of the RAK-owned quarrying company, Stevin Rock
and a director of RAK Development LLC. He also sits on the board of a number of
other companies that are ultimately owned by the Government of RAK.
Mr Al Qadi is currently a board member of the Investment & Development Office of
RAK and was previously the CEO of RAK Properties. He was also the Chairman of
the Founding Committees of RAK Petroleum and RAK Properties, and served as
Chairman of Commercial Bank International and Emirates Post Group.
Dr Al Bustami and Mr Al Qadi signed the 22 June 2022 letter on behalf of RAKIA
to the Court noting RAKIA's withdrawal from the Azima proceedings and its
apparently hollow promise to satisfy any judgment against it. Dr Al Bustami also
gave evidence in the first trial for RAKIA, denying any knowledge of the hacking
of Mr Azima.
Farhad Azima has put the owners and Marriott Hotels on notice not to abet asset
dissipation on the part of Ras Al Khaimah.
Source: Burlingtons Legal LLP
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9dbf6801-3a30-42d5-a3ff-
98d1746d7b5a
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