Aurora Developments Ltd & Ors v Delta Holdings Ltd & Ors

Aurora Developments Ltd & Ors v Delta Holdings Ltd & Ors

Contemporaneous documentary evidence established beyond doubt that defendants made knowingly false representations to claimants regarding property prices and availability, executed a valid Deed creating a trust, and arranged a sham IPS loan; defences lacked any reasonable prospect of success.

Parties
Claimant: Aurora Developments Limited; Claimant: AMK Estates Limited; Claimant: Alexey Sakun; Claimant: PSP-Farman Holding SA; Claimant: Gelaneco Holdings Limited; Claimant: Lexafin Business S.A.; Claimant: Blooming Market Investments Limited; Defendant: Delta Holdings Limited; Defendant: Mr Eli Cohen; Defendant: Mr Lionel Cohen; Defendant: Mr Christopher Robin Henschel; Defendant: Mr Mark Greaves; Defendant: The Aurora Property Group Limited; Defendant: International Property Solutions Limited
Jurisdiction
England and Wales
Judgment Date
10 May 2018
Procedural Posture
Civil / Summary Judgment Application
Outcome
Summary judgment granted for claimants on three core issues; relevant parts of defences struck out.
Legal Topics
Fraudulent Misrepresentation, Deed Validity, Sham Transaction, Nominee Arrangements, Joint Tortfeasor Liability
Fraud Trusts Property Law Fraudulent Misrepresentation Deed Validity Sham Transaction Nominee Arrangements Joint Tortfeasor Liability

Case Brief

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Parties

Aurora Developments Limited

Claimant

AMK Estates Limited

Claimant

Alexey Sakun

Claimant

PSP-Farman Holding SA

Claimant

Gelaneco Holdings Limited

Claimant

Lexafin Business S.A.

Claimant

Blooming Market Investments Limited

Claimant

Delta Holdings Limited

Defendant

Mr Eli Cohen

Defendant

Mr Lionel Cohen

Defendant

Mr Christopher Robin Henschel

Defendant

Mr Mark Greaves

Defendant

The Aurora Property Group Limited

Defendant

International Property Solutions Limited

Defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether defendants fraudulently misrepresented property prices and availability to investors
  2. 2 Whether the Deed executed on 2 October 2014 was valid and binding
  3. 3 Whether the IPS loan was a sham transaction

Ratio Decidendi

Contemporaneous documentary evidence established beyond doubt that defendants made knowingly false representations to claimants regarding property prices and availability, executed a valid Deed creating a trust, and arranged a sham IPS loan; defences lacked any reasonable prospect of success.

Court Disposition

Summary judgment granted for claimants on three core issues; relevant parts of defences struck out.

Orders

  • Declaration that defendants made fraudulent misrepresentations to claimants regarding property prices and availability.
  • Declaration that Deed executed on 2 October 2014 is valid and binding.