Continue reading "Secret Commissions: Unauthorised profits – an update"
FHR European Ventures LLP & ors v Cedar Capital Partners LLC [2014] UKSC 45
Wills & Trusts Law Reports | September 2014 #142The claimants engaged Cedar Capital Partners LLC (Cedar) to act as their agent in negotiating the purchase by FHR European Ventures LLP of the issued share capital of Monte Carlo Grand Hotel SAM (which owned a long leasehold interest in the Monte Carlo Grand Hotel) from Monte Carlo Grand Hotel Ltd (vendor). As such an agent, Cedar owed a fiduciary duty to the claimants, notwithstanding which it entered into an exclusive brokerage agreement with the vendor to provide for the payment of a €10m fee following completion – the vendor was paid €211.5m when the purchase was completed on 2...
FHR European Ventures & ors v Mankarious & ors [2013] EWCA Civ 17
Wills & Trusts Law Reports | May 2013 #129The claimants (Investor Group) appealed from the decision of Simon J ([2011] EWHC 2308 (Ch)) that the Investor Group was entitled to a personal, but not a proprietary, remedy against Cedar Capital Partners LLC (Cedar). There was no appeal from Simon J’s decision that Cedar was liable to account in equity to the Investor Group.
Monte Carlo Grand Hotel in Monaco was owned by Monte Carlo Hotel SAM, a Monegasque company. The company’s share capital was owned by Monte Carlo Grand Hotel Ltd, a BVI company. In September 2004, the BVI company was interested in selling the hotel, either by...