Schenk v Cook & Ors [2017] EWHC 144 (QB) (09 February 2017)

Schenk v Cook & Ors [2017] EWHC 144 (QB) (09 February 2017)

The Defendants, acting in concert, knowingly made false representations to induce the Claimant to invest CHF 3 million, which was then dissipated for their benefit without any genuine investment in MTNs or Fluid Leader shares. The evidence established a fraudulent conspiracy, deceit, and dishonest assistance. Mr Bawany's appeal against the striking out of his defence failed as there was no good reason for his default and the merits were wholly against him.

Citation
[2017] EWHC 144
Parties
Claimant: Jean-Pierre Schenk; First Defendant: Phillip Cook; Second Defendant: Pietro Stramandino; Third Defendant: Steeve Couture; Fourth and Sixth Defendant: Akbar Bawany also known as Mohammed Akbar-Samad Bawany; Fifth Defendant: Michael Sun; Sixth Defendant (trading Style of Mr Bawany): ANA Holdings
Jurisdiction
England and Wales
Judgment Date
09 February 2017
Procedural Posture
Civil Fraud Claim (queen's Bench Division) / Final Judgment After Trial and Appeal on Striking Out Defence
Outcome
Claim allowed. Judgment for the Claimant against all Defendants proceeded against. Mr Bawany's appeal dismissed.
Legal Topics
Fraudulent Misrepresentation, Conspiracy, Knowing Receipt, Dishonest Assistance, Breach of Fiduciary Duty, Relief From Sanctions
Civil Fraud Tort Equity Fraudulent Misrepresentation Conspiracy Knowing Receipt Dishonest Assistance Breach of Fiduciary Duty +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 1 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Jean-Pierre Schenk

Claimant

Phillip Cook

First Defendant

Pietro Stramandino

Second Defendant

Steeve Couture

Third Defendant

Akbar Bawany also known as Mohammed Akbar-Samad Bawany

Fourth and Sixth Defendant

Michael Sun

Fifth Defendant

ANA Holdings

Sixth Defendant (trading Style of Mr Bawany)

Procedural Posture

Civil Fraud Claim (queen's Bench Division) / Final Judgment After Trial and Appeal on Striking Out Defence

Legal Issues

  1. 1 Whether the Defendants engaged in a fraudulent scheme to induce the Claimant to invest CHF 3 million and dissipated the funds
  2. 2 Whether the Defendants made fraudulent misrepresentations regarding the investment in MTNs and Fluid Leader shares
  3. 3 Whether the Defendants are liable for conspiracy, deceit, knowing receipt, dishonest assistance, and breach of fiduciary duty

Ratio Decidendi

The Defendants, acting in concert, knowingly made false representations to induce the Claimant to invest CHF 3 million, which was then dissipated for their benefit without any genuine investment in MTNs or Fluid Leader shares. The evidence established a fraudulent conspiracy, deceit, and dishonest assistance. Mr Bawany's appeal against the striking out of his defence failed as there was no good reason for his default and the merits were wholly against him.

Court Disposition

Claim allowed. Judgment for the Claimant against all Defendants proceeded against. Mr Bawany's appeal dismissed.

Orders

  • Defendants to pay CHF 3,000,000 to the Claimant
  • Defendants to pay interest on CHF 3,000,000 at the judgment rate