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We were engaged by lawyers for the Claimant, HRH Princess Deema Bint Sultan Bin Adbulaziz Al Saud, in a $25 million investment dispute tried in England’s High Court. The Defendant, Mr. Ronald William Gibbs, was alleged to have breached a settlement agreement that the parties had entered into in 2018 by failing to liquidate certain investments purportedly held on behalf of the Claimant, including Credit Suisse managed securities and a portfolio of futures contracts with UBS, and transfer the liquidation proceeds to the Claimant.
We were instructed to determine i) the value for which the Credit Suisse and UBS portfolios could have been liquidated/sold on a given date in April 2018, and ii) how their valuation fluctuated over the period between April 2018 and the date of the trial. Due to the limited information provided on the assets held within the portfolios, we were required to make certain assumptions to value the portfolios under a base scenario, and we conducted various sensitivity tests to illustrate how changes to those assumptions would affect the results. AlixPartners Partner & Managing Director Dr. Chudozie Okongwu submitted an expert report addressing the valuation of the Credit Suisse and UBS portfolios.
The Claimant obtained a damages award of approximately US $40 million. Dr. Okongwu’s expert report was cited frequently in the judgment, dated 21 February 2024. For instance, with regards to the Credit Suisse portfolio valuation, Mr. Justice Calver stated “[I] draw comfort from Dr Okongwu's evidence that this figure is a reasonable figure to select, being broadly in line with his alternative valuations.”