The courts of the Cayman Islands, seized of the case between the former directors of the incubator The Family, have just handed down the first judgment in a long series to come.
Le Figaro mentions that this decision “on the merits”, after several months of investigation, condemns Oussama Ammar and two of his personal companies (Fabuleo Ltd and Aletheis The First Ltd) to pay more than 7 million euros to The Family .
This money was initially raised by Osama Ammar to be invested in successful American start-ups, including Stripe and Airbnb. But in addition to the reimbursement of this sum, more than 3 million euros, the judges also calculated the shortfall for The Family, or a little less than 4 million euros.
Other legal actions are planned
The legal fight between the former partners is based on accusations of embezzlement and money laundering targeting Osama Ammar. Nicolas Colin and Alice Zagury accuse him of having stolen several million euros from the coffers of a subsidiary 100% managed by the third co-founder of The Family.
The procedure was initiated in February 2022 before the courts of the Caribbean archipelago by the former associates of Osama Amar. They accuse him of embezzlement from a subsidiary of the incubator, registered in the Cayman Islands.
The conviction in the Cayman Islands resulted in Osama Ammar being referenced in international files, including OffshoreAlert. Osama Ammar’s defense has 14 days to appeal.
Further legal action is planned by the plaintiffs in other jurisdictions. The ongoing investigation in London will lead to a trial in November 2024. In France, the procedure is also ongoing. Following an unsuccessful attempt at mediation, a complaint for breach of trust, forgery and use of forged documents was filed on March 22, 2022.
“This is a legal dispute between partners based on personal resentment”
“This is a legal dispute between partners based on personal resentment. It’s a shame to tear yourself apart like this, but it’s classic. Entrepreneurs know this well. We have been trying since 2020 to find an amicable solution, without reaching an agreement, despite many hours of discussion,” assured Oussama Ammar on LinkedIn in 2021. “Many procedures have been launched against me due to investments that have not been could be completed. I want investors to get back their money, but I don’t want to be a scapegoat. »
Until 2021, The Family boasted success in the world of start-up fundraising (Heetch, PayFit, Algolia, Captain Train, Doctrine).
Created in 2012, The Family had more than 120 start-ups in its portfolio at the time of ceasing its activity, and having supported more than 800 start-ups since its creation.