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...

Henchley & ors v Thompson & anr [2024] WTLR 559

Wills & Trusts Law Reports | Summer 2024 #195

The settlor executed a trust deed dated 12 September 1960 (the trust), under the terms of which the trustees were given a power of appointment over capital and income for the benefit of the beneficiaries and their respective issue. The power was limited by a deed dated 28 March 1978 so that it could be exercised only in relation to the capital of the trust fund to which a beneficiary then enjoyed an interest in possession. In default of appointment, the capital and income of the trust fund was to be held for such of the beneficiaries living on the perpetuity day (which was to be calculat...

Hotel Portfolio II UK Ltd & anr v Ruhan & ors [2024] WTLR 145

Wills & Trusts Law Reports | Spring 2024 #194

This was an appeal against a decision of Foxton J ordering the second defendant to pay £102m in compensation for dishonest assistance along with nearly £60m in interest.

The first defendant had been a director of the first claimant. In breach of fiduciary duty, the first defendant had caused the first claimant to sell company assets related to several London hotels to a corporate purchaser in which the first defendant had an undisclosed interest. The sale was at an objectively reasonable market price. The purchaser later sold the hotels for a large profit (partly due to having dev...