Mark Byers v The Saudi National Bank

Mark Byers v The Saudi National Bank

A claim for knowing receipt cannot succeed unless the claimant has a continuing proprietary interest in the property at the time of receipt by the defendant. Under Saudi Arabian law, registration of the shares in Samba’s name was conclusive of ownership and extinguished SICL’s proprietary interest. Therefore, the claim in knowing receipt fails.

Parties
Claimant/appellant: Mark Byers; Claimant/appellant: Hugh Dickson; Claimant/appellant: Saad Investments Company Limited (in liquidation); Defendant/respondent: The Saudi National Bank
Jurisdiction
England and Wales
Judgment Date
27 January 2022
Procedural Posture
Civil Appeal / Appeal From High Court Judgment
Outcome
Appeal dismissed
Legal Topics
Knowing Receipt, Constructive Trusts, Breach of Trust, Foreign Law (saudi Arabian Law), Proprietary Interests, Valuation of Trust Assets
Equity and Trusts Private International Law Insolvency Knowing Receipt Constructive Trusts Breach of Trust Foreign Law (saudi Arabian Law) Proprietary Interests +1 more

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Parties

Mark Byers

Claimant/appellant

Hugh Dickson

Claimant/appellant

Saad Investments Company Limited (in liquidation)

Claimant/appellant

The Saudi National Bank

Defendant/respondent

Procedural Posture

Civil Appeal / Appeal From High Court Judgment

Legal Issues

  1. 1 Whether a claim for knowing receipt requires a continuing proprietary interest in the property at the time of receipt by the defendant
  2. 2 Whether Saudi Arabian law extinguished SICL’s proprietary interest in the shares upon registration in Samba’s name
  3. 3 Whether the judge erred in applying a block discount to the valuation of the shares

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 by the defendant. Under Saudi Arabian law, registration of the shares in Samba’s name was conclusive of ownership and extinguished SICL’s proprietary interest. Therefore, the claim in knowing receipt fails.

Court Disposition

Appeal dismissed