Zambia v Meer Care & Desai (a firm) & Ors (No. 2) [2007] EWHC 1540 (Ch) (29 June 2007)

Zambia v Meer Care & Desai (a firm) & Ors (No. 2) [2007] EWHC 1540 (Ch) (29 June 2007)

Credit for recoveries is only to be given against the specific transaction to which the recovery relates, not across all breaches; compound interest is only awarded against fiduciary defendants, simple interest against others; costs are awarded on an indemnity basis against fiduciaries and standard basis against others, with a 35% reduction in AGZ's costs against participating defendants for over-claiming and conduct; 100% contribution is ordered in favour of participating defendants against non-participating defendants; permission to appeal and stays are refused except as specified.

Citation
[2007] EWHC 1540 (Ch)
Parties
Claimant: Attorney General of Zambia for and on behalf of the Republic of Zambia; First Defendant: Meer Care & Desai (a firm); Second Defendant: Second Defendant; Eighth Defendant: Eighth Defendant; Fifth Defendant: Fifth Defendant; Partner in Second Defendant: Partner in Second Defendant; Interested Party: Donegal International Limited; Interested Party: QBE Insurance (Europe) Limited
Jurisdiction
England and Wales
Judgment Date
29 June 2007
Procedural Posture
Civil Fraud/chancery / Post Trial Consequential Rulings Following Judgment
Outcome
Judgment for Claimant with consequential orders as specified.
Legal Topics
Conspiracy to Defraud, Dishonest Assistance, Breach of Fiduciary Duty, Interest on Damages, Costs Orders, Contribution Between Defendants, Limitation of Actions, Enforcement of Judgments
Civil Fraud Equity and Trusts Restitution Costs Conspiracy to Defraud Dishonest Assistance Breach of Fiduciary Duty Interest on Damages +4 more

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Parties

Attorney General of Zambia for and on behalf of the Republic of Zambia

Claimant

Meer Care & Desai (a firm)

First Defendant

Second Defendant

Second Defendant

Eighth Defendant

Eighth Defendant

Fifth Defendant

Fifth Defendant

Partner in Second Defendant

Partner in Second Defendant

Donegal International Limited

Interested Party

QBE Insurance (Europe) Limited

Interested Party

Procedural Posture

Civil Fraud/chancery / Post Trial Consequential Rulings Following Judgment

Legal Issues

  1. 1 Whether credit for recoveries should be set off against liabilities for separate breaches
  2. 2 Whether compound or simple interest is payable and by whom
  3. 3 Appropriate basis and apportionment of costs between fiduciary and non-fiduciary defendants

Ratio Decidendi

Credit for recoveries is only to be given against the specific transaction to which the recovery relates, not across all breaches; compound interest is only awarded against fiduciary defendants, simple interest against others; costs are awarded on an indemnity basis against fiduciaries and standard basis against others, with a 35% reduction in AGZ's costs against participating defendants for over-claiming and conduct; 100% contribution is ordered in favour of participating defendants against non-participating defendants; permission to appeal and stays are refused except as specified.

Court Disposition

Judgment for Claimant with consequential orders as specified.

Orders

  • Credit for recoveries only against specific transactions; no broader set-off.
  • Compound interest awarded only against fiduciary defendants; simple interest against others.