Byers & ors v Saudi National Bank [2024] WTLR 443

Wills & Trusts Law Reports | Summer 2024 #195

The 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...

Byers & ors v The Saudi National Bank [2022] WTLR 437

Wills & Trusts Law Reports | Summer 2022 #187

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...

Fiduciary Duties: Staying virtuous

A recent Privy Council case indicates how the court will determine remedies and damages for breach of fiduciary duty. Joseph de Lacey explains ‘The case shows the flexibility of the concept of constructive trusts, and how they can be and are used to protect those to whom fiduciary duties are owed.’ On 27 March 2017 …
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Akita Holdings v Turks and Caicos Islands [2017] UKPC 7

Wills & Trusts Law Reports | Summer 2017 #168

Mr H was a ‘belonger’ (a citizen of the Turks and Caicos Islands) and appointed as a government minister in 2003, remaining in government until 2008. There was a policy entitling a belonger to apply for a conditional purchase lease over Crown Land subject to certain conditions which, if met, entitled the belonger to purchase the freehold title at a discounted rate, in this case of 50% of the open market value.

In 2004, Mr H applied for a lease and in setting the sale price the government relied on a 1998 valuation of the land resulting in a discounted price of $75,200. Unknown to ...