THE LIBYAN INVESTMENT AUTHORITY v CREDIT SUISSE INTERNATIONAL

THE LIBYAN INVESTMENT AUTHORITY v CREDIT SUISSE INTERNATIONAL

The claimant's claims are statute barred as it could, with reasonable diligence, have discovered the alleged fraud and concealment before 12 November 2013; s.32 Limitation Act 1980 does not postpone the limitation period; the claims in knowing receipt and tracing fail as the claimant had no beneficial interest in the funds after payment; summary judgment is granted to the first and second defendants and the orders permitting service out of the jurisdiction on the third to fifth defendants are set aside.

Parties
Claimant/respondent: The Libyan Investment Authority; First Defendant/applicant: Credit Suisse International; Second Defendant/applicant: GLG Partners Asset Management Limited; Third Defendant/applicant: Frontier Investment Management Partners Ltd; Fourth Defendant/applicant: Walid Mohamed Ali Al-Giahmi; Fifth Defendant/applicant: Lands Company Limited
Jurisdiction
England and Wales
Judgment Date
03 December 2021
Procedural Posture
Commercial Court Application (summary Judgment/strike Out and Set Aside Orders) / Ruling on Summary Judgment and Applications to Set Aside Service/extension Orders
Outcome
Summary judgment granted for first and second defendants; orders permitting service out of jurisdiction on third to fifth defendants set aside; claims dismissed as statute barred.
Legal Topics
Limitation Period, Fraud, Deliberate Concealment, Summary Judgment, Jurisdiction, Unjust Enrichment, Knowing Receipt, Tracing, Breach of Fiduciary Duty
Civil Procedure Commercial Law Limitation of Actions Limitation Period Fraud Deliberate Concealment Summary Judgment Jurisdiction +4 more

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Parties

The Libyan Investment Authority

Claimant/respondent

Credit Suisse International

First Defendant/applicant

GLG Partners Asset Management Limited

Second Defendant/applicant

Frontier Investment Management Partners Ltd

Third Defendant/applicant

Walid Mohamed Ali Al-Giahmi

Fourth Defendant/applicant

Lands Company Limited

Fifth Defendant/applicant

Procedural Posture

Commercial Court Application (summary Judgment/strike Out and Set Aside Orders) / Ruling on Summary Judgment and Applications to Set Aside Service/extension Orders

Legal Issues

  1. 1 Whether the claimant's claims are statute barred under the Limitation Act 1980
  2. 2 Whether s.32 Limitation Act 1980 (fraud/deliberate concealment) postpones the limitation period
  3. 3 Whether the claimant could with reasonable diligence have discovered the alleged fraud/concealment before the cut-off date

Ratio Decidendi

The claimant's claims are statute barred as it could, with reasonable diligence, have discovered the alleged fraud and concealment before 12 November 2013; s.32 Limitation Act 1980 does not postpone the limitation period; the claims in knowing receipt and tracing fail as the claimant had no beneficial interest in the funds after payment; summary judgment is granted to the first and second defendants and the orders permitting service out of the jurisdiction on the third to fifth defendants are set aside.

Court Disposition

Summary judgment granted for first and second defendants; orders permitting service out of jurisdiction on third to fifth defendants set aside; claims dismissed as statute barred.

Orders

  • Summary judgment for Credit Suisse International and GLG Partners Asset Management Limited
  • Orders permitting service out of jurisdiction on Frontier Investment Management Partners Ltd, Walid Mohamed Ali Al-Giahmi, and Lands Company Limited set aside