Cayman Islands Court orders Oussama Ammar to pay €7M to The Family

Cayman Islands court orders Oussama Ammar and his companies to pay over €7 million to The Family, amid allegations of embezzlement and breach of trust. Further legal action pending in UK.
Cayman Islands Court orders Oussama Ammar to pay €7M to The Family

The Grand Court of the Cayman Islands has handed down a decision that orders Oussama Ammar and two of his personal companies, Hong Kong-registered Fabuleo Ltd and Aletheis The First Ltd, to pay over €7 million to the organisation he once was credited as having co-founded, The Family.

The ruling follows an ongoing dispute between The Family co-founders Alice Zagury and Nicolas Colin and Ammar, with the former leveling accusations of embezzlement.

While the initial Writ of Summons filed in the Cayman Islands cited €3,052,864, money that was to be invested in a number of startups but never happened, according to a report filed by Le Figaro, the exact amount of €7,367,787.97 handed down by Cayman Islands judges also factors in the shortfall sustained by The Family, totaling losses at €3,946,818.22.

The ruling in the Cayman Islands is just the first of Ammar’s woes as The Family has also filed suit in the courts of England and Wales, seeking compensation based on Ammar’s actions that include:

  • Having abused his prerogatives as director/manager of various entities to orchestrate the illicit transfer to him of sums belonging to The Family or to investors.

  • Having abused the trust of investors for whom he was the main interlocutor, in particular by communicating falsely about investment operations.

  • Having abused the trust of his associates and collaborators by making false statements about exchanges that supposedly took place between him and certain shareholders, investors, and others.

  • Along with his personal holding company Fabuleo Limited, having taken stakes in or received payments from certain companies in The Family's portfolio, in violation of the contracts that bind Oussama Ammar and Fabuleo Limited to The Family and its other stakeholders.

  • Finally, having abused his position as a director/manager of certain entities to arrange secondary transactions to his advantage while confronted with a conflict of interest—a situation he did not see fit to disclose to the investors whose trust he was seeking on behalf of The Family.

A trial in British courts could happen in November 2024.'s previous coverage on the matter:

The Family files legal action against former co-founder Oussama Ammar for alleged embezzlement

The plot thickens in The Family’s feud with former co-founder Oussama Ammar

Lead image collage created via an image sourced from The Family.

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