Akers & Ors v Samba Financial Group

Akers & Ors v Samba Financial Group

Assuming the governing law of the trusts is Cayman Islands law, Article 4 does not exclude the application of the Convention to the declarations of trust. The validity and effect of the trusts are governed by Cayman Islands law, not Saudi Arabian law. It was inappropriate to determine the applicability of Article 15 or the governing law under Articles 6 and 7 on a stay application without full evidence. The appeal is allowed and the stay is lifted.

Parties
Claimant/appellant: Stephen John Akers; Claimant/appellant: Mark Byers; Claimant/appellant: Hugh Dickson; Claimant/appellant: Saad Investments Company Limited (in liquidation); Defendant/respondent: Samba Financial Group
Jurisdiction
England and Wales
Judgment Date
04 December 2014
Procedural Posture
Civil Appeal / Appeal From Stay/summary Judgment Application
Outcome
appeal allowed
Legal Topics
Forum Non Conveniens, Recognition of Foreign Trusts, Proprietary Interests in Shares, Hague Trusts Convention, Cross Border Insolvency
Insolvency Conflict of Laws Trusts Forum Non Conveniens Recognition of Foreign Trusts Proprietary Interests in Shares Hague Trusts Convention Cross Border Insolvency

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Parties

Stephen John Akers

Claimant/appellant

Mark Byers

Claimant/appellant

Hugh Dickson

Claimant/appellant

Saad Investments Company Limited (in liquidation)

Claimant/appellant

Samba Financial Group

Defendant/respondent

Procedural Posture

Civil Appeal / Appeal From Stay/summary Judgment Application

Legal Issues

  1. 1 Whether the Hague Trusts Convention applies to trusts of shares registered in civil law jurisdictions
  2. 2 Whether the governing law of the trusts is Cayman Islands law or Saudi Arabian/Bahraini law
  3. 3 Whether Article 4 of the Convention excludes the application to the transfer of beneficial interests

Ratio Decidendi

Assuming the governing law of the trusts is Cayman Islands law, Article 4 does not exclude the application of the Convention to the declarations of trust. The validity and effect of the trusts are governed by Cayman Islands law, not Saudi Arabian law. It was inappropriate to determine the applicability of Article 15 or the governing law under Articles 6 and 7 on a stay application without full evidence. The appeal is allowed and the stay is lifted.

Court Disposition

appeal allowed

Orders

  • stay imposed by the Chancellor lifted