The Kingdom of Sweden v Max Emil Serwin & Ors.

The Kingdom of Sweden v Max Emil Serwin & Ors.

Summary judgment is granted against Mr Ingmanson and Mr Bishop for the Optimus phase under Swedish law for breach of trust and fraud, causing direct loss to Sweden. No summary judgment is granted for the Falcon phase due to triable issues regarding applicable law and reflective loss rule under Maltese law. No summary judgment against Mr Gergeo for the Optimus phase due to insufficient pleaded case and evidence.

Parties
Claimant: The Kingdom of Sweden; Defendant: Max Emil Serwin; Defendant: Mark Bishop; Defendant: Afram Gergeo; Defendant: Ulf Roland Deckmark; Defendant: John Anthony Farrell; Defendant: Barbaros Ökten; Defendant: Solid Venture Capital Ltd; Defendant: Lamina Limited; Defendant: Optimus Socially Responsible Investments Ltd; Defendant: Energy Everything Investments PLC; Defendant: Boardwalk Co Limited; Defendant: Gergeo Holding AB; Defendant: Gergeo Invest AB; Defendant: Werel OY
Jurisdiction
England and Wales
Judgment Date
27 October 2022
Procedural Posture
Summary Judgment Application / Judgment
Outcome
Summary judgment granted in part; application succeeds against Mr Ingmanson and Mr Bishop for Optimus phase, fails against Mr Gergeo and all SJ Respondents for Falcon phase.
Legal Topics
Summary Judgment, Breach of Trust, Fraud, Fiduciary Duty, Reflective Loss, Applicable Law, Freezing Order
Civil Fraud Tort Company Law Conflict of Laws Summary Judgment Breach of Trust Fraud Fiduciary Duty +3 more

Case Brief

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Parties

The Kingdom of Sweden

Claimant

Max Emil Serwin

Defendant

Mark Bishop

Defendant

Afram Gergeo

Defendant

Ulf Roland Deckmark

Defendant

John Anthony Farrell

Defendant

Barbaros Ökten

Defendant

Solid Venture Capital Ltd

Defendant

Lamina Limited

Defendant

Optimus Socially Responsible Investments Ltd

Defendant

Energy Everything Investments PLC

Defendant

Boardwalk Co Limited

Defendant

Gergeo Holding AB

Defendant

Gergeo Invest AB

Defendant

Werel OY

Defendant

Procedural Posture

Summary Judgment Application / Judgment

Legal Issues

  1. 1 Whether summary judgment should be granted for Sweden against certain defendants for fraud and breach of trust in relation to misappropriation of pension funds
  2. 2 Whether Swedish or Maltese law applies to claims arising from the Falcon phase
  3. 3 Whether the reflective loss rule under Maltese law bars Sweden's claim

Ratio Decidendi

Summary judgment is granted against Mr Ingmanson and Mr Bishop for the Optimus phase under Swedish law for breach of trust and fraud, causing direct loss to Sweden. No summary judgment is granted for the Falcon phase due to triable issues regarding applicable law and reflective loss rule under Maltese law. No summary judgment against Mr Gergeo for the Optimus phase due to insufficient pleaded case and evidence.

Court Disposition

Summary judgment granted in part; application succeeds against Mr Ingmanson and Mr Bishop for Optimus phase, fails against Mr Gergeo and all SJ Respondents for Falcon phase.

Orders

  • Judgment for Sweden against Mr Ingmanson and Mr Bishop for $29,529,986, joint and several liability.
  • Worldwide Freezing Order continued post-judgment against Mr Ingmanson and Mr Bishop.