Smith & anor v Crawshay WTLR(w) 2019-12

Wills & Trusts Law Reports | Web Only

First City Monument Bank plc v Zumax Nigeria Ltd [2019] WTLR 511

Wills & Trusts Law Reports | Summer 2019 #175

The claimant held accounts in Nigeria with IMB International Bank, whose rights and obligations had been inherited by the defendant through a series of mergers. IMB itself held ‘correspondent’ accounts with a London bank. The claimant often received funds to an Isle of Man nominee which held a bank account in London.

In a series of 10 transfers between 2000 and 2002, the claimant’s nominee gave instructions to its bank to transfer sums to one of IMB’s accounts variously identifying the ‘beneficiary’ as IMB but in eight cases ‘for further credit to’ the claimant. Sums totalling $3,...