Njord Partners SMA-Seal LP & Ors v Astir Maritime Ltd & Ors

Njord Partners SMA-Seal LP & Ors v Astir Maritime Ltd & Ors

The court found that Tahir Lakhani knowingly made false representations as to his personal net worth and the reasons for delayed repayments, intending the lenders to rely on them, and that the lenders did so to their detriment. Ali Lakhani was found to have materially assisted in the preparation of the false asset statement and to have authorised or approved the use of his signature on further false statements, with knowledge or recklessness as to their falsity, and pursuant to a common design with Tahir. Both were found liable for deceit and conspiracy by unlawful means, causing loss to the lenders.

Parties
Claimant: Njord Partners SMA-SEAL LP; Claimant: NPSSF Debt Co. S. A. R. L.; Claimant: AIE III Investments, L. P; Claimant: Nordic Trustee A/S; Defendant: Astir Maritime Ltd; Defendant: Muhammad Tahir Lakhani; Defendant: Muhammad Ali Lakhani
Jurisdiction
England and Wales
Judgment Date
17 July 2024
Procedural Posture
Civil Commercial (tort, Fraud, Conspiracy) / Final Judgment After Trial
Outcome
Judgment for the claimants against both Tahir and Ali Lakhani for deceit, accessory liability, and conspiracy. Quantum to be determined or agreed.
Legal Topics
Deceit (fraudulent Misrepresentation), Accessory Liability, Unlawful Means Conspiracy, Guarantees and Indemnities, Facility Agreements, Director Liability
Tort Law Commercial Law Banking and Finance Law Deceit (fraudulent Misrepresentation) Accessory Liability Unlawful Means Conspiracy Guarantees and Indemnities Facility Agreements +1 more

Case Brief

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Parties

Njord Partners SMA-SEAL LP

Claimant

NPSSF Debt Co. S. A. R. L.

Claimant

AIE III Investments, L. P

Claimant

Nordic Trustee A/S

Claimant

Astir Maritime Ltd

Defendant

Muhammad Tahir Lakhani

Defendant

Muhammad Ali Lakhani

Defendant

Procedural Posture

Civil Commercial (tort, Fraud, Conspiracy) / Final Judgment After Trial

Legal Issues

  1. 1 Whether the defendants made fraudulent misrepresentations (deceit) to the lenders regarding asset ownership, value, and compliance with facility terms
  2. 2 Whether the defendants are liable for conspiracy by unlawful means
  3. 3 Whether the second defendant (Ali) is liable as an accessory to deceit

Ratio Decidendi

The court found that Tahir Lakhani knowingly made false representations as to his personal net worth and the reasons for delayed repayments, intending the lenders to rely on them, and that the lenders did so to their detriment. Ali Lakhani was found to have materially assisted in the preparation of the false asset statement and to have authorised or approved the use of his signature on further false statements, with knowledge or recklessness as to their falsity, and pursuant to a common design with Tahir. Both were found liable for deceit and conspiracy by unlawful means, causing loss to the lenders.

Court Disposition

Judgment for the claimants against both Tahir and Ali Lakhani for deceit, accessory liability, and conspiracy. Quantum to be determined or agreed.

Orders

  • Declaration of liability for deceit and conspiracy against Tahir and Ali Lakhani
  • Damages to be assessed or agreed, with directions for submissions on quantum