Cobussen Principal Investment Holdings Ltd v Akbar & Ors

Cobussen Principal Investment Holdings Ltd v Akbar & Ors

The court found that Mr. Akbar provided the funds for the purchase of the property, controlled Legacy, and was the ultimate beneficial owner. The evidence that Mrs. Mumtaz funded the purchase was rejected as implausible and unsupported. Therefore, Legacy holds the property on a resulting trust for Mr. Akbar, and the interim charging order should be made final to secure the judgment debt.

Parties
Claimant: Cobussen Principal Investment Holdings Limited; First Defendant: Ghouse Akbar; Second Defendant: Legacy Holdings Limited; Third Defendant: Mehreen Akbar
Jurisdiction
England and Wales
Judgment Date
21 October 2020
Procedural Posture
Civil / Judgment on Application to Make Final a Charging Order
Outcome
Application granted. Declarations sought by Cobussen are granted and the interim charging order is made final.
Legal Topics
Resulting Trusts, Beneficial Ownership, Charging Orders, Nominee Arrangements, Disclosure Obligations
Trusts and Equity Civil Procedure Property Law Resulting Trusts Beneficial Ownership Charging Orders Nominee Arrangements Disclosure Obligations

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Parties

Cobussen Principal Investment Holdings Limited

Claimant

Ghouse Akbar

First Defendant

Legacy Holdings Limited

Second Defendant

Mehreen Akbar

Third Defendant

Procedural Posture

Civil / Judgment on Application to Make Final a Charging Order

Legal Issues

  1. 1 Whether Mr. Akbar has a beneficial interest in the property held by Legacy Holdings Limited
  2. 2 Whether the property is held on a resulting trust or as nominee for Mr. Akbar
  3. 3 Whether a final charging order should be made over the property to secure the judgment debt

Ratio Decidendi

The court found that Mr. Akbar provided the funds for the purchase of the property, controlled Legacy, and was the ultimate beneficial owner. The evidence that Mrs. Mumtaz funded the purchase was rejected as implausible and unsupported. Therefore, Legacy holds the property on a resulting trust for Mr. Akbar, and the interim charging order should be made final to secure the judgment debt.

Court Disposition

Application granted. Declarations sought by Cobussen are granted and the interim charging order is made final.

Orders

  • Declaration that Mr. Akbar is the ultimate beneficial owner of Legacy Holdings Limited and the property.
  • Order that the interim charging order is made final.