Debevoise & Plimpton LLP has successfully defended Neoma Private Equity Fund IV against substantial claims made by Abdulhameed Dhia Jafar, in the aftermath of the 2018 Abraaj Group collapse. Jafar had accused Arif Naqvi, Abraaj's founder, of deceitfully convincing him to lend $350 million under false pretenses concerning the firm’s financial stability and governance. The litigation, invoking laws from both the Cayman Islands and the UAE, centered around allegations of deceit and unjust enrichment.

After a rigorous eight-week trial, the Grand Court of the Cayman Islands delivered a comprehensive 900-page judgment, which fully dismissed the lawsuit against the fund. The court's findings clarified that Mr. Naqvi did not represent Fund IV during his interactions with Mr. Jafar. This key determination helped dismantle the attribution arguments presented, absolving Neoma Private Equity Fund IV of any liability.

The legal team from Debevoise, led by partner Christopher Boyne and supported by counsel Luke Duggan and associate Callum Murphy, played a pivotal role in navigating the complexities of this high-stakes litigation.

Neoma Private Equity Fund IV, originally known as Abraaj Buyout Fund IV L.P., is a Cayman Islands-exempted limited partnership established in 2008. It initially focused on buyouts and was co-managed by Abraaj Group along with Actis. Following the dissolution of Abraaj Group, the fund is now managed by Neoma Manager (Mauritius) Limited under a revised partnership agreement. It has been involved in notable litigation concerning disputes over capital account balances and information rights under Cayman law, including this successful defense in the Grand Court.

Debevoise & Plimpton LLP, a global law firm based in New York, is celebrated for its expertise in corporate, litigation, and financial services. The firm, which employs over 900 lawyers across nine offices worldwide, is recognized for its client-centered approach, blending deep industry insight with creativity and commercial acumen to offer solutions in areas such as private equity, investment management, mergers and acquisitions, regulatory frameworks, and complex international disputes.