Zambia v Meer Care & Desai (a firm) & Ors (No. 2)

Zambia v Meer Care & Desai (a firm) & Ors (No. 2)

Credits for recoveries are to be applied only within each transaction and not across all misappropriations. Compound interest is only awarded against fiduciary defendants who obtained or retained monies by fraud; simple interest applies to others. Fiduciaries are liable for costs on the indemnity basis, non-fiduciaries on the standard basis. AGZ's recoverable costs against participating defendants are reduced by 35% for over-elaboration and refusal to mediate, with a further 5% reduction against AS. Costs are not apportioned between participating defendants; they are jointly and severally liable. AS is not entitled to costs protection for the legal aid period. Contribution orders are made...

Parties
Claimant: Attorney General of Zambia for and on behalf of the Republic of Zambia; Defendants: Meer Care & Desai (a firm) & Ors; Interested Party: Donegal International Limited; Interested Party: QBE Insurance (Europe) Limited
Jurisdiction
England and Wales
Judgment Date
29 June 2007
Procedural Posture
Civil / Post Judgment Consequential Rulings on Costs, Interest, Credits, and Related Applications
Outcome
Costs and consequential orders made; applications for permission to appeal and stays addressed; contribution orders granted.
Legal Topics
Costs, Interest on Judgments, Contribution, Credit for Recoveries, Permission to Appeal, Stay of Execution, Legal Aid
Civil Procedure Restitution Fraud Trusts and Equity Costs Interest on Judgments Contribution Credit for Recoveries +3 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) & Ors

Defendants

Donegal International Limited

Interested Party

QBE Insurance (Europe) Limited

Interested Party

Procedural Posture

Civil / Post Judgment Consequential Rulings on Costs, Interest, Credits, and Related Applications

Legal Issues

  1. 1 Whether credits for recoveries should be set off against liabilities across transactions or only within each transaction
  2. 2 Whether compound or simple interest is payable and to which defendants
  3. 3 Appropriate basis and apportionment of costs between fiduciary and non-fiduciary defendants

Ratio Decidendi

Credits for recoveries are to be applied only within each transaction and not across all misappropriations. Compound interest is only awarded against fiduciary defendants who obtained or retained monies by fraud; simple interest applies to others. Fiduciaries are liable for costs on the indemnity basis, non-fiduciaries on the standard basis. AGZ's recoverable costs against participating defendants are reduced by 35% for over-elaboration and refusal to mediate, with a further 5% reduction against AS. Costs are not apportioned between participating defendants; they are jointly and severally liable. AS is not entitled to costs protection for the legal aid period. Contribution orders are made...

Court Disposition

Costs and consequential orders made; applications for permission to appeal and stays addressed; contribution orders granted.

Orders

  • Credits for recoveries only within each transaction; no cross-transaction set off.
  • Compound interest awarded only against fiduciary defendants; simple interest against others.