Byers & Ors v The Saudi National Bank [2022] EWCA Civ 43 (27 January 2022)

Byers & Ors v The Saudi National Bank [2022] EWCA Civ 43 (27 January 2022)

A claim for knowing receipt cannot succeed unless the claimant has a continuing proprietary interest in the property at the time of receipt; under Saudi Arabian law, SICL's interest was extinguished upon transfer, defeating the claim.

Citation
[2022] EWCA Civ 43
Parties
Claimant/appellant: Mark Byers; Claimant/appellant: Hugh Dickson; Claimant/appellant: Saad Investments Company Limited; Defendant/respondent: The Saudi National Bank
Jurisdiction
England and Wales
Judgment Date
27 January 2022
Procedural Posture
Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Knowing Receipt, Breach of Trust, Proprietary Interest, Foreign Law, Block Discount Valuation
Equity Trusts Insolvency Private International Law Knowing Receipt Breach of Trust Proprietary Interest Foreign Law +1 more

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Parties

Mark Byers

Claimant/appellant

Hugh Dickson

Claimant/appellant

Saad Investments Company Limited

Claimant/appellant

The Saudi National Bank

Defendant/respondent

Procedural Posture

Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether a claim for knowing receipt depends on the claimant having a continuing proprietary interest in the property when in the hands of the defendant
  2. 2 Whether such an interest existed in the present case under Saudi Arabian law
  3. 3 Whether a block discount should be applied to the valuation of the disputed securities

Ratio Decidendi

A claim for knowing receipt cannot succeed unless the claimant has a continuing proprietary interest in the property at the time of receipt; under Saudi Arabian law, SICL's interest was extinguished upon transfer, defeating the claim.

Court Disposition

Appeal dismissed

Orders

  • Claim for knowing receipt dismissed
  • No relief granted to claimants