CL-2022-000048 - [2025] EWHC 1810 (Comm)

A Memorandum of Understanding dated 13 April 2014 between the Al Sari Brothers, Globe, MAS and the BVI Companies (“Globe MOU”). Clause 2 of this document purports to record an agreement that MAS would repay debts owed by the Al Sari Brothers to various banks in the amount of AED 651 million (Footnote: ³). By clause 3, the Al Sari Brothers purportedly agreed to repay to MAS a discounted sum of AED 550 million (Footnote: ⁴). By clause 7, the Al Sari Brothers’ repayment obligation would purportedly be transferred to the BVI Companies; and then by clause 8, MAS would purportedly assign its right to be repaid to Globe. Finally, clause 9 then purportedly operated to release the Al Sari Brothers from liability to MAS. Thus, the BVI Companies would end up with a repayment obligation (for AED 550m) to Globe and the Al Sari Brothers would escape liability altogether for their debts (of AED 651m) to the banks.