Rasmala Investment Bank

Dubai Islamic Bank clients who invested $315M seek to wind up Cayman’s Rasmala Trade Finance Fund

October 18, 2024

Alleging regulatory breaches, at least $100 million of losses, "lack of transparency", "mismanagement", and the "need for independent investigation", a British bank ultimately representing clients of United Arab Emirates-based Dubai Islamic Bank who invested $315 million has applied to wind up Rasmala Trade Finance Fund in the Cayman Islands.

Allfunds Bank S.A. v. Rasmala Trade Finance Fund: Winding Up Petition (‘Mismanagement’)

September 25, 2024

Winding Up Petition in Allfunds Bank S.A., of London, England, on behalf of Dubai Islamic Bank, of the United Arab Emirates v. Rasmala Trade Finance Fund, of the Cayman Islands, at the Grand Court of the Cayman Islands.

Rasmala Trade Finance Fund v. Trafigura Pte Ltd.: Amended Defense (‘$22M Fraud’)

December 9, 2022

Amended Defense in Rasmala Trade Finance Fund, of the Cayman Islands v. Trafigura Pte Limited, of Singapore, at the High Court of Justice of England and Wales.

Rasmala Trade Finance Fund v. Trafigura Pte Ltd.: Second Amended Complaint (‘$22M Fraud’)

November 18, 2022

Re-Amended Particulars of Claim alleging a $22 million fraud by Farlin Energy & Commodities FZE, of the United Arab Emirates, whose proceeds "were used towards the settlement of Farlin's historic debts with Trafigura" in Rasmala Trade Finance Fund, of the Cayman Islands v. Trafigura Pte Limited, of Singapore, at the High Court of Justice of England and Wales.

Rasmala Trade Finance Fund v. Trafigura Pte Ltd.: First Amended Complaint (‘$22M Fraud’)

June 10, 2021

Amended Particulars of Claim alleging a $22 million fraud by Farlin Energy & Commodities FZE, of the United Arab Emirates, whose proceeds "were used towards the settlement of Farlin's historic debts with Trafigura" in Rasmala Trade Finance Fund, of the Cayman Islands v. Trafigura Pte Limited, of Singapore, at the High Court of Justice of England and Wales.

Rasmala Trade Finance Fund v. Trafigura Pte Ltd.: Complaint (‘$22M Fraud’)

April 6, 2021

Claim Form and Particulars of Claim alleging a $22 million fraud by Farlin Energy & Commodities FZE, of the United Arab Emirates, whose proceeds "were used towards the settlement of Farlin's historic debts with Trafigura" in Rasmala Trade Finance Fund, of the Cayman Islands v. Trafigura Pte Limited, of Singapore, at the High Court of Justice of England and Wales.

Rasmala Trade Finance Fund: Offering Memorandum (2019)

September 4, 2019

Offering Memorandum for Rasmala Trade Finance Fund, dated September 4th, 2019.