US EditionInvestor recoups loss on ‘mispresented’ Rasmala trade finance fund
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Investor recoups loss on ‘mispresented’ Rasmala trade finance fund
A Saudi investment firm has been awarded US$4.19mn after a Dubai court ruled Rasmala Investment Bank Limited (RIBL) made a “misrepresentation” about the suitability and financial health of its trade finance fund. RIBL presented the Rasmala Trade Finance Fund as a suitable investment opportunity to Saudi asset manager Alawwal Capital in late 2018, the court found, despite “substantial baked in problems” at the fund in the form of defaults and al…
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