Wills & Trusts Law Reports | Summer 2024 #195The third claimant (SICL) was a company registered in the Cayman Islands. By transactions which took place between 2002 and 2008 Mr Al-Sanea came to hold shares in five Saudi Arabian companies (the disputed securities) under trusts governed by Cayman Islands law for the benefit of SICL. Cayman and English trust law were the same so far as was relevant to this appeal.
The Grand Court of the Cayman Islands made a winding-up order against SICL on 18 September 2009 pursuant to a petition presented on 30 July 2009. The first and second claimants were appointed as SICL’s joint liquidato...
Sukhninder Panesar examines a case that explores liability for knowing receipt and the need for a continuing proprietary interest The claimant must show that they have a continuing proprietary interest in property which is in the hands of the alleged knowing recipient. Where such a finding is not made, the requisite unconscionability does not exist, …
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Wills & Trusts Law Reports | Summer 2022 #187This action related to a transfer in September 2009 of shares in five Saudi Arabian banks, then collectively worth about US$318m, by Mr Maan Al-Sanea (who at that time held those shares) to Samba Financial Group (Samba). The claimants were the liquidators of Saad Investments Company Ltd (SICL). They alleged that Mr Al-Sanea had at the time of the transfer held those shares on trust for SICL. The claimants brought a number of different actions against Samba in respect of the transfer of the shares, formulating the case on various legal bases in the various different actions. The iteration...
Wills & Trusts Law Reports | Autumn 2019 #176These appeals arose from the a ‘brazen fraud’ by which Allseas Group SA was defrauded of €100 million. After the fraud took place, there was an attempt to launder the proceeds through the client account of a London firm of solicitors, Notable Services LLP, whose partners included Mr Landman. Police intervention secured the return of €88 million – the present proceedings concerned attempts to recover the remainder of this sum from Notable, Mr Landman, Mr Louanjli (a bank employee who provided information to Notable) and LLB Verwaltung, the bank who employed him (”the Bank”).
In add...
Wills & Trusts Law Reports | September 2012 #122Anthony Morris (Mr Morris) orchestrated a series of frauds between August 2007 and April 2008 by which £52m was misappropriated from various occupational pension schemes by their trustees, GP Noble Trustees Ltd and BDC Trustees Ltd. The appellant was Independent Trustee Services Ltd (ITS), which had been appointed as trustee of the 1653 pension schemes by the Pensions Regulator in July 2008. Mr Morris was found liable in dishonest assistance for £52m and in knowing receipt for £4.89m by Peter Smith J in July 2010 ([2010] EWHC 1653 (Ch)) (the chancery action).
Mr Morris had married...
The Starglade case casts light on the meaning of dishonesty in the context of accessory liability, as Mark Pawlowski discusses ‘In Twinsectra Ltd v Yardley [2002], the majority of the House of Lords concluded that dishonesty also required a dishonest state of mind. This approach, however, was rejected by the Privy Council in Barlow Clowes …
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