Akers & ors v Samba [2017] UKSC 6

Wills & Trusts Law Reports | Summer 2017 #168

Mr Al-Sanea was the legal owner of shares in five Saudi Arabian banks, including Samba Financial Group (appellant). As a result of six transactions between 2002 and 2008 Mr Al-Sanea agreed to hold the relevant shares in trust for Saad Investments Co Ltd (SICL), a company subject to the laws of the Cayman Islands. Compulsory winding up proceedings of SICL commenced on 30 June 2009 and, six weeks later, Mr Al-Sanea in breach of trust transferred the legal title to the relevant shares to the appellant, purporting thereby to discharge personal liabilities which he had towards it. On 19 Augus...

Akers & ors v Samba Financial Group [2014] EWCA Civ 1516

Wills & Trusts Law Reports | July/August 2015 #151

The claimants appealed a decision to stay their claim on the ground of forum non conveniens.

The fourth claimant (C4) was a Cayman company and was massively insolvent, owing US$2.815bn plus interest to a syndicate of banks including the defendant (D). The first (C1), second (C2) and third claimant (C3) were the liquidators of C4. A winding up petition was presented to the Grand Court of the Cayman Islands on 30 July 2009, commencing the winding up of C4. On 18 September 2009, the winding up order was made.

The claim was brought by C1, C2 and C3 pursuant to s127 of the I...