Aabar Holdings SARL & Ors v Glencore PLC & Ors

Aabar Holdings SARL & Ors v Glencore PLC & Ors

The Claimants are ordered to provide full particulars regarding standing, including aftermarket definitions and chain of custody, by a fixed date. The trial will be split between liability and quantum/causation. Early disclosure of certain categories of documents will proceed as agreed, with further information to be provided regarding 'oven-ready' material. A preliminary issue trial will determine the scope of privilege between Glencore and its shareholders. Costs budgets are to be exchanged prior to the second CMC. The court rejects rolling or piecemeal approaches to standing and disclosure, emphasizing the need for clarity, efficiency, and adherence to the overriding objective.

Parties
Claimants: Aabar Holdings S.À. R. L & Others; First Defendant: Glencore PLC; Second Defendant: Mr Ivan Glasenberg; Third Defendant: Mr Steven Kalmin; Fourth Defendant: Mr Anthony Hayward; Interested Party: Wirral Council (as administering authority for Merseyside Pension Fund)
Jurisdiction
England and Wales
Judgment Date
24 June 2024
Procedural Posture
Civil Commercial/financial / First Case Management Conference (cmc)
Outcome
Case management directions issued; no final determination of substantive claims.
Legal Topics
Bribery and Corruption, Misrepresentation, Disclosure, Privilege, Standing, Limitation, Costs Management, Split Trials
Financial Services Law Company Law Civil Procedure Bribery and Corruption Misrepresentation Disclosure Privilege Standing +3 more

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Parties

Aabar Holdings S.À. R. L & Others

Claimants

Glencore PLC

First Defendant

Mr Ivan Glasenberg

Second Defendant

Mr Steven Kalmin

Third Defendant

Mr Anthony Hayward

Fourth Defendant

Wirral Council (as administering authority for Merseyside Pension Fund)

Interested Party

Procedural Posture

Civil Commercial/financial / First Case Management Conference (cmc)

Legal Issues

  1. 1 Whether the Claimants have standing to bring claims under s.90 and s.90A FSMA
  2. 2 Whether the BCLP Claimants must provide specific information regarding aftermarket share acquisitions
  3. 3 Whether Claimants must provide full particulars of chain of custody for indirectly held shares

Ratio Decidendi

The Claimants are ordered to provide full particulars regarding standing, including aftermarket definitions and chain of custody, by a fixed date. The trial will be split between liability and quantum/causation. Early disclosure of certain categories of documents will proceed as agreed, with further information to be provided regarding 'oven-ready' material. A preliminary issue trial will determine the scope of privilege between Glencore and its shareholders. Costs budgets are to be exchanged prior to the second CMC. The court rejects rolling or piecemeal approaches to standing and disclosure, emphasizing the need for clarity, efficiency, and adherence to the overriding objective.

Court Disposition

Case management directions issued; no final determination of substantive claims.

Orders

  • Claimants to complete standing information table by 16 September 2024; Defendants to respond by 28 October 2024.
  • BCLP Claimants must provide aftermarket particulars (Columns F and G).