Debevoise & Plimpton Advises Neoma in $350M Abraaj Dispute

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Debevoise & Plimpton Advises Neoma Private Equity Fund IV in $350 Million Cayman Islands Dispute

Debevoise & Plimpton LLP has advised Neoma Private Equity Fund IV in successfully defending claims brought by Abdulhameed Dhia Jafar, following the collapse of the Abraaj Group in 2018.

Mr. Jafar alleged he was deceived by Abraaj founder Arif Naqvi into lending $350 million, citing false assurances about the firm’s financial health and governance. Claims of deceit and unjust enrichment were pursued under both Cayman Islands and UAE law.

After an eight-week trial, the Grand Court of the Cayman Islands issued a 900-page judgment dismissing the case in full.

The Court found that Mr. Naqvi was not acting on behalf of Fund IV in his dealings with Mr. Jafar, defeating the attribution arguments and eliminating liability for the Fund.

Debevoise’s team was led by partner Christopher Boyne, supported by counsel Luke Duggan and associate Callum Murphy.

Neoma Private Equity Fund IV (formerly Abraaj Buyout Fund IV L.P.) is a 2008-vintage, Cayman Islands-exempted limited partnership focused on buyouts and co-managed originally by Abraaj Group and Actis. The fund is now overseen by Neoma Manager (Mauritius) Limited following the collapse of Abraaj Group, under an amended and restated limited partnership agreement. It has been the subject of high-profile litigation involving disputes over capital account balances and information rights under Cayman law, including successful defense against $350 million deceit and unjust enrichment claims in the Cayman Grand Court in 2025.

Debevoise & Plimpton LLP is a distinguished global law firm headquartered in New York, renowned for exceptional corporate, litigation, and financial services expertise. With more than 900 lawyers across nine offices on three continents, the firm advises clients in over 90 countries. Known for its client-focused approach, Debevoise combines deep industry knowledge, creativity, and commercial judgment to deliver solutions across private equity, funds and investment management, M&A, regulatory and white-collar matters, and complex cross-border disputes. The firm is widely recognized for its high-calibre work and commitment to excellence in lawyering.