November 16, 2023
What can targets of large-scale fraud do to get their assets back? Kobre & Kim’s Nada Oteifi, who focuses on cross-border award and judgment enforcement matters, explained how claimants can overcome the most common hurdles to tracing and recovery assets – including by using tools in the Middle East – during Dubai Arbitration Week on a panel on November 15, 2023.
During the panel, “The Monk Has Sold His Ferrari. Now What Do I Do?”, Ms. Oteifi discussed:
- Starting with a comprehensive asset trace and investigation, especially before a judgment is handed down, to give an overview of the assets to be prioritized and form the wider strategy;
- Collaborating with competing creditors and, if that doesn’t work, targeting first come first paid jurisdictions such as the United Arab Emirates, while keeping an eye out for insolvency actions;
- Recovering against fraudsters when they have already sold all their assets, such as unwinding transactions in the UAE and applying for further discovery; and
- Navigating issues when targets have claims against sanctioned states or entities.
Joining Ms. Oteifi were panel moderator Almira Kuzutbayeva of BRG; Phil Allister and Ben Johnson of BRG; and Max Davis of Charles Russell Speechlys.