Civil fraud and asset recovery

Leading Counsel for D1 (the main defendant) and D17 in this US$1Bn claim for damages under Thai law and relief under s.423 Insolvency Act 1986 arising from an alleged fraud and asset-stripping in connection with dealings in the shares of a Thai Wind Farm Company. The trial of the Claim lasted 20 weeks before Calver J in the Commercial Court between October 2022 and March 2023.

Read the Suppipat & Others v Narongdej & 16 Others judgment here.

In a judgment handed down on 20 September 2023 following the trial of preliminary issues, the Deputy Judge of the Commercial Court held that it is not a rule of private international law that a final and binding foreign judgment on the merits must be enforceable in the foreign jurisdiction before it could be the subject of an application to ‘enforce’ the foreign judgment in this jurisdiction by a claim at common law, and dismissed the sixth defendant’s application to set aside a default judgment the claimant had obtained against the first defendant, as (i) there was accordingly no arguable defence, and (ii) the sixth defendant had not satisfied the Denton criteria.

Read the Invest Bank v El-Husseini and Others judgment here.

A US$1 Billion damages claim, which arose out of the collapse of NMC PLC, a former FTSE 100 company, and its operating subsidiaries in the UAE, all of which are now in administration in England and Wales and the UAE. The claimant is an Abu Dhabi-based bank, and the first to third defendants are the former private shareholders in NMC PLC. The Bank alleged that the defendants are responsible, with others, for a serious fraud that appears to have taken place within the NMC Group of companies. The defendants all deny involvement in the fraud.

Read the Abu Dhabi Commercial Bank PJSC v Shetty & others judgment here.

A multi-million euro, multi-faceted fraud claim in the Cayman Islands that made new law on the Cayman Fraudulent Dispositions Law.

Read Raiffeisen Bank v. Scully Royalty Ltd & Others judgment here.

South Africa’s largest ever private sector accounting fraud scandal. Alleged payments totalling approximately €95 million are said to have been made fraudulently. The case raises issues of German, Austrian, Swiss and BVI law.

Read Steenbok Newco and another v Formal Holdings and others judgment here.

The latest chapter in the long running and high-profile litigation instigated by the LIA seeking to recoup funds invested during the Gaddafi dictatorship in Libya. Successfully defended fraud and corruption claims to the value of £200m.

Read The Libyan Investment Authority v Credit Suisse and others judgment here.

Proceedings across multiple jurisdictions and involve inter alia efforts to enforce against a yacht formerly owned by Mr Abramovich which is currently under arrest in Dubai. Case also involved alleged transactions in defraud of creditors contrary to section 423 of the Insolvency Act. After successfully representing Mrs Akhmedova in this case, Alan Gourgey KC was named Times Lawyer of the Week.

Read Akhmedova v Akhmedov judgment here.

One of the largest frauds ever perpetrated involving some 118 banks which together lent a total of $126 billion over two decades.

Read AHAB v SAAD judgment here.

A complex multi-jurisdictional case involving one of Greece’s largest shipping families and their ownership of shares in two Liberian Corporations, which raises multiple conflicts of law issues and matters relating to fraudulent misappropriation of shares.

Read Lemos v Blue Diamond Corporation and Stegasis Corporation judgment here.

Gerald Metals, a trading company which brought a claim in deceit and in unlawful means conspiracy (based on s.423 Insolvency Act 1986) against a large number of trustees and individuals. The dispute was very significant and worth around £100 million.

Supreme Court case establishing that a person who applies to set aside an earlier judgment on the basis of fraud does not have to demonstrate that the evidence of this fraud could not have been obtained with reasonable diligence before the earlier trial.

Read Takhar v Gracefield Developments Limited judgment here.

Acted for one of the successful defendants in his jurisdiction challenge – a Libyan businessman against whom a claim had been brought by the Libyan Investment Authority alleging fraud and corruption in relation to transactions that it had entered into with Bear Stearns bank in 2007.

Read Libyan Investment Authority v JP Morgan and others judgment here.

Supreme Court case establishing that a person who applies to set aside an earlier judgment on the basis of fraud does not have to demonstrate that the evidence of this fraud could not have been obtained with reasonable diligence before the earlier trial.

Read Takhar v Gracefield Developments judgment here.

US$1billion claim for dishonest breach of duty against the shareholder directors arising from the collapse of Russia’s 16th largest bank.

Read National Trust Bank v Yurov & others judgment here.

A claim made by a Russian Bank against a “banana oligarch” for damages for deceit and unlawful means conspiracy in respect of a loan made to a Russian group of companies. The judgment is of note by identifying principles for inferring fraud.

Read JSC BM Bank v Kekhman judgment here.

The Pensions Regulator’s first fraud claim to go to trial.

Read Pensions Regulator v PAYAE and others judgment here.