Yusuf v Yusuf & Anor

Yusuf v Yusuf & Anor

Sueda Yusuf is and has always been beneficially entitled to a 25% shareholding in PPL; the 2003 Trust Document did not create a valid trust over Pekalp Cyprus shares for PPL, and even if it did, any such trust had fallen away by the date of sale. Askin Ozerin is not required to account for profits to PPL. A binding agreement was reached between Tanju Yusuf and Sueda Yusuf in February 2015, which must be performed by Tanju. The affairs of PPL have been conducted in an unfairly prejudicial manner to Sueda and Askin, warranting an account of financial irregularities and an order for sale of Church Road at best price, followed by a sale of shares between the parties without minority discount.

Parties
Claimant/petitioner: Sueda Yusuf; Petitioner/part 20 Defendant: Askin Ozerin; Defendant/respondent/part 20 Claimant: Tanju Yusuf; Defendant/respondent: Pekalp Properties Limited
Jurisdiction
England and Wales
Judgment Date
28 January 2019
Procedural Posture
Civil (company/family Property Dispute) / Final Judgment After Trial
Outcome
Petition and claims by Sueda Yusuf and Askin Ozerin substantially allowed; Part 20 claim by Tanju Yusuf dismissed.
Legal Topics
Unfair Prejudice Petition, Beneficial Ownership of Shares, Declaration of Trust, Specific Performance, Damages for Breach of Agreement, Accounting for Company Funds
Company Law Equity and Trusts Family Law Unfair Prejudice Petition Beneficial Ownership of Shares Declaration of Trust Specific Performance Damages for Breach of Agreement +1 more

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Parties

Sueda Yusuf

Claimant/petitioner

Askin Ozerin

Petitioner/part 20 Defendant

Tanju Yusuf

Defendant/respondent/part 20 Claimant

Pekalp Properties Limited

Defendant/respondent

Procedural Posture

Civil (company/family Property Dispute) / Final Judgment After Trial

Legal Issues

  1. 1 Whether Sueda Yusuf is beneficially entitled to 25% of the shares in Pekalp Properties Limited (PPL)
  2. 2 Whether Askin Ozerin must account for profits or funds to PPL
  3. 3 Whether a 2003 Trust Document created a valid trust over shares in Pekalp Cyprus for PPL

Ratio Decidendi

Sueda Yusuf is and has always been beneficially entitled to a 25% shareholding in PPL; the 2003 Trust Document did not create a valid trust over Pekalp Cyprus shares for PPL, and even if it did, any such trust had fallen away by the date of sale. Askin Ozerin is not required to account for profits to PPL. A binding agreement was reached between Tanju Yusuf and Sueda Yusuf in February 2015, which must be performed by Tanju. The affairs of PPL have been conducted in an unfairly prejudicial manner to Sueda and Askin, warranting an account of financial irregularities and an order for sale of Church Road at best price, followed by a sale of shares between the parties without minority discount.

Court Disposition

Petition and claims by Sueda Yusuf and Askin Ozerin substantially allowed; Part 20 claim by Tanju Yusuf dismissed.

Orders

  • Declaration that Sueda Yusuf is beneficially entitled to 25% of PPL shares
  • Order for rectification of PPL's share register to reflect true shareholdings