Cobussen Principal Investment Holdings Ltd v Akbar & Ors [2020] EWHC 2805 (QB) (21 October 2020)

Cobussen Principal Investment Holdings Ltd v Akbar & Ors [2020] EWHC 2805 (QB) (21 October 2020)

The court found that Mr. Akbar is the true beneficial owner of the Property. The evidence did not support the assertion that Mrs. Mumtaz provided the purchase funds or retained any beneficial interest. The trust and company structures were found to be devices to conceal Mr. Akbar's ownership. Accordingly, Mr. Akbar's beneficial interest is subject to the charging order in favour of Cobussen.

Citation
[2020] EWHC 2805 (QB)
Parties
Claimant: Cobussen Principal Investment Holdings Limited; First Defendant: Ghouse Akbar; Second Defendant: Legacy Holdings Limited; Third Defendant: Mehreen Akbar
Jurisdiction
England and Wales
Judgment Date
21 October 2020
Procedural Posture
Charging Order Application / Judgment After Trial of Issues on Final Charging Order
Outcome
Final charging order granted against Mr. Akbar's beneficial interest in the Property.
Legal Topics
Charging Orders, Beneficial Ownership, Resulting Trusts, Nominee Arrangements, Sham Trusts, Disclosure Obligations
Civil Procedure Trusts and Equity Property Law Charging Orders Beneficial Ownership Resulting Trusts Nominee Arrangements Sham Trusts +1 more

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Parties

Cobussen Principal Investment Holdings Limited

Claimant

Ghouse Akbar

First Defendant

Legacy Holdings Limited

Second Defendant

Mehreen Akbar

Third Defendant

Procedural Posture

Charging Order Application / Judgment After Trial of Issues on Final Charging Order

Legal Issues

  1. 1 Whether Mr. Akbar has a beneficial interest in the Property
  2. 2 Whether Legacy Holdings Limited holds the Property on trust or as nominee for Mr. Akbar
  3. 3 Whether Mrs. Akbar has any beneficial interest or rights of occupation in the Property

Ratio Decidendi

The court found that Mr. Akbar is the true beneficial owner of the Property. The evidence did not support the assertion that Mrs. Mumtaz provided the purchase funds or retained any beneficial interest. The trust and company structures were found to be devices to conceal Mr. Akbar's ownership. Accordingly, Mr. Akbar's beneficial interest is subject to the charging order in favour of Cobussen.

Court Disposition

Final charging order granted against Mr. Akbar's beneficial interest in the Property.

Orders

  • The interim charging order is made final over Apartment 2.5, 22 Trevor Square, London SW7 1EA to secure the judgment debt of £15,792,071.94.
  • Costs to be determined following further submissions.