A United Kingdom (UK) high court has granted a post-judgment
worldwide freezing order against Abdulrahman Musa Bashar and Ultimate Oil &
Gas FZCO over an unpaid gasoil debt.
The order followed an application by Petrichor Energy FZCO,
a UAE-based oil trading company, which sought to recover outstanding sums
arising from the supply of gasoil to Ultimate, alongside a personal guarantee
issued by Bashar.
According to court documents, Petrichor had previously
secured summary judgments against the parties in February 2025, with the court
ordering Ultimate to pay AED 22.8 million and Bashar to pay AED 122.1 million
under the personal guarantee, in addition to interest and costs.
HOW A MULTIMILLION-DOLLAR DEBT DISPUTE BEGAN
The dispute stems from a series of contracts between
Petrichor and Ultimate involving the sale of various parcels of gasoil and Jet
A1 fuel.
The relationship was said to have begun with five spot
contracts, followed by a term contract executed on April 25, 2023.
While Ultimate eventually paid for the product supplied
under the spot contracts, it reportedly defaulted on associated interest
payments, as well as demurrage charges under the first and fourth spot
contracts.
On November 22, 2023, Petrichor initiated arbitration
proceedings at the Dubai International Arbitration Centre (DIAC), seeking
recovery of the unpaid interest and demurrage under the spot contracts.
Subsequently, two cargoes were delivered under the term
contract. However, according to the court documents, Ultimate again failed to
meet its payment obligations, resulting in further breaches.
On January 14 2024, the parties entered into a payment
agreement aimed at restructuring Ultimate’s outstanding debt under both the
spot and term contracts. Under the agreement, Petrichor was to continue
supplying additional cargoes, subject to compliance with agreed repayment
terms.
As security for Ultimate’s obligations, the company issued
nine undated cheques, all signed by Bashar, who also provided a personal
guarantee in support of Ultimate’s obligations under the agreement.
Following partial compliance with the payment agreement,
Petrichor agreed to supply an additional cargo of gasoil under a new spot
contract.
But Ultimate defaulted again, prompting Petrichor to issue a
notice of breach on March 20, 2024, with Ultimate denying the default.
On April 4, 2024, Petrichor presented seven cheques for
payment and demanded settlement under the personal guarantee. The cheques were
returned unpaid two days later due to “irregular” signatures.
Petrichor subsequently filed a criminal complaint over the
dishonoured cheques, resulting in Bashar’s conviction in absentia and a
one-year prison sentence, which was later revoked at the parties’ request.
MORE PAYMENT ARRANGEMENTS AND DEFAULTS
In April 2025, the parties entered a new payment agreement
involving structured installments, with limited grace periods for delayed
payments.
The court said Ultimate defaulted on multiple installments
despite extensions and partial payments.
“The sum of AED 120,089,582.69 and £94,025.56 (approximately
US$32.7 million) is owed by Mr Bashar in respect of summary judgment in the PG
Proceedings,” the court briefing reads.
“The sum of AED 27,491,540.66 and £63,859.28 (approximately
US$7.5 million) is owed by Ultimate in respect of summary judgment in the New
Spot Proceedings.”
COURT FINDINGS ON ASSET DISSIPATION
Issuing the freeze order, the judge said there was
sufficient evidence to establish a risk that the respondents could dissipate
assets.
Central to this finding was a March 15, 2026, conversation
in which Bashar allegedly threatened to “dispose of his assets” if Petrichor
did not accept Ultimate’s payment terms.
“I consider that this does, indeed, provide direct evidence
of a risk of dissipation,” he said.
The court also considered the respondents’ continued failure
to comply with court orders and prior findings of contempt in separate
proceedings.
The judge said Bashar sold some properties in the UAE and
the UK worth about US$3,812,117 and AED 13,420,000 (approximately
US$3,656,675.75).
The judge said there is now “a good arguable case” that
assets could be moved, noting that “it is appropriate to grant a worldwide
freezing order post-judgment in the terms sought”.
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