Sheikh Mohamed Ali M Alhamrani is bringing the main action with four of his brothers in relation to two Jersey trusts – the Internine Trust and the Intertraders Trust, which were set up in 1998.
They are suing JP Morgan (Jersey) Trust Company Ltd, Jersey firm Russa Management Ltd and younger brother Sheikh Abdullah Ali M Alhamrani – the protector of the trusts – for losses totalling around US$120 million. All the defendants deny the allegations against them, which include breach of trust, conflict of interest, gross negligence and lack of communication between the trustees and beneficiaries.
Lawyers from up to a dozen Jersey and London firms acting for both sides and hundreds of bundles of documents will be based at the Hotel Cristina until the beginning of April because there is not enough space for them at the Royal Court. The trial is being heard by Commissioner Howard Page, QC, sitting with Jurats Geoffrey Allo and John de Veulle.
