This 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...
The Background
The Privy Council heard eight appeals arising from the management of the Tchenguiz Discretionary Trust (“TDT”) between March 2007 and October 2008.
The TDT is a discretionary trust governed by the law of Jersey; in the period in question it had two trustees which were governed by Guernsey law: Investec Trust (Guernsey) Limited (“Investec”) and Bayeux Trustees Limited (collectively “the Trustees”). In July 2010 the Trustees were replaced as trustees of the TDT by Rawlinson & Hunter Trustees SA (“R&H”), a company incorporated in Switzer...
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