Three members of Kuwait’s wealthy al Khorafi family have vowed to appeal against a decision last week by a Dubai court to strike down claims of negligence and misrepresentation in a $225 million case against a subsidiary of Switzerland’s Bank Sarasin, according to The National.

Raed al Khorafi, along with his wife and mother, sued the DIFC-based Bank Sarasin-Alpen late last year over losses on investments they claim were sold as safe. The al Khorafis say they lost $75 million, but are seeking triple damages under DIFC regulations covering contracts and fraud.

Justice Tan Sri Siti Norma Yaakob ruled last week that two of the al Khorafis’ four claims – those covering alleged misrepresentation and negligence – lacked adequate evidence for the court to make a ruling.

The judge allowed the al Khorafis to proceed on their two other claims, which allege breach of contract and breach of statutory duty.

“Although the judge decided that the [al Khorafis’] alternative and subsidiary claims based on alleged misrepresentations and negligence should not proceed, the [al Khorafis] are confident that these will be reinstated following the decision of the court to allow an appeal,” the family said.

On Tuesday (13 July), a spokesperson for Sarasin reiterated to WealthBriefing the bank's statement last week on the court's decision: "On balance we are content with the judgement made, because the Court recognised the majority of issues which were raised with regard to the pleadings. However, we have decided to appeal the decisions made on the regulatory and contract claim".