DLA Piper secures ADGM Courts ruling in fraud proceedings involving First Fund

DLA Piper secured a favorable ruling in the Abu Dhabi Global Market (ADGM) Courts, for clients First Fund Management and former Union Properties Chief Financial Officer Paresh Khiara, in fraud proceedings brought by Union Properties PJSC, a UAE-based property developer, and its subsidiary, UPP Capital.

The context

The claim, commenced in 2022 and valued at over AED 320 million, was brought against thirteen defendants and concerned an alleged fraudulent investment scheme involving participatory notes (P-Notes).

In its judgement dated 6 March 2026, the Court found that there was no evidence either First Fund Management Limited or Khiara had engaged in any wrongdoing.

The DL Piper team

Partner Andrew Mackenzie (Abu Dhabi/Dubai, pictured) led the DLA Piper team on the matter, working alongside legal director Andrew Massey (Dubai) and associate Ross Wilson (Dubai).