Civil fraud and asset recovery, Commercial disputesThursday 20 November 2025
On 13 November 2025, judgment was handed down by Stephen Houseman KC in the case of Ricardo Salinas Pliego v Astor Asset Management [2025] EWHC 2968.
John Wardell KC, instructed by LK Law, acted for the claimants, Mr Salinas and Corporation RBS, who are the alleged victims of an alleged $400 million stock lending fraud carried out by Mr Sklarov – the 4th Defendant. Mr Sklarov had allegedly funded $75 million of a $115 million loan by secretly selling the shares put up as collateral.
The Defendants applied to strike out the proceedings, arguing that Black Cube’s conduct constituted an abuse of process. The Claimants maintained that the evidence was admissible as it did not extend beyond material already in the public domain and, in any event, fell within the iniquity principle and was therefore not privileged.
The Judge failed to determine the public domain and iniquity principles and refused to strike out the claim. However, he held that the Claimants had forfeited the right to bring a summary judgment application as a result of Black Cube’s conduct.
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