Masood & Ors v Zahoor & Ors

Masood & Ors v Zahoor & Ors

All key contractual documents relied upon by SM for performance fees and share entitlement were forged; SM's claims based on those documents fail. However, SM made substantial contribution to purchase of nominee shares and is beneficial owner of KS and Mehboob shares. Loan deeds put forward by Defendants are not genuine and do not defeat SM's beneficial ownership. SM entitled to declaratory relief as beneficial owner. SM not liable for costs in Reventox action. SM entitled to damages for wrongful dismissal. MZ committed malicious falsehood by altering judgment on website; damages awarded are nominal.

Parties
Claimant: Sohail Masood; Claimant: Newport Financial Holding Ltd; Claimant: Newport West Financial Inc; Claimant: Mohammad Ali; Defendant: Mohammad Zahoor; Defendant: Metalsukraine Corporation Ltd; Defendant: International Steel and Tube Industries Ltd; Defendant: Azot Ltd; Defendant: Waseem Mehboob; Defendant: Parveen Saleemi
Jurisdiction
England and Wales
Judgment Date
14 May 2008
Procedural Posture
Civil / Final Judgment After Trial
Outcome
Claims for contractual performance fees and share bonuses dismissed; SM declared beneficial owner of KS and Mehboob shares; SM not liable for Reventox costs; SM awarded damages for wrongful dismissal; nominal damages for malicious falsehood.
Legal Topics
Forgery, Perjury, Malicious Falsehood, Breach of Contract, Beneficial Ownership, Nominee Shareholding, Damages, Costs
Contract Trusts Employment Tort Forgery Perjury Malicious Falsehood Breach of Contract +4 more

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Parties

Sohail Masood

Claimant

Newport Financial Holding Ltd

Claimant

Newport West Financial Inc

Claimant

Mohammad Ali

Claimant

Mohammad Zahoor

Defendant

Metalsukraine Corporation Ltd

Defendant

International Steel and Tube Industries Ltd

Defendant

Azot Ltd

Defendant

Waseem Mehboob

Defendant

Parveen Saleemi

Defendant

Procedural Posture

Civil / Final Judgment After Trial

Legal Issues

  1. 1 Whether SM is entitled to performance fees and shares under alleged consultancy agreements
  2. 2 Whether SM is beneficial owner of shares acquired via nominees
  3. 3 Whether forged documents invalidate claims

Ratio Decidendi

All key contractual documents relied upon by SM for performance fees and share entitlement were forged; SM's claims based on those documents fail. However, SM made substantial contribution to purchase of nominee shares and is beneficial owner of KS and Mehboob shares. Loan deeds put forward by Defendants are not genuine and do not defeat SM's beneficial ownership. SM entitled to declaratory relief as beneficial owner. SM not liable for costs in Reventox action. SM entitled to damages for wrongful dismissal. MZ committed malicious falsehood by altering judgment on website; damages awarded are nominal.

Court Disposition

Claims for contractual performance fees and share bonuses dismissed; SM declared beneficial owner of KS and Mehboob shares; SM not liable for Reventox costs; SM awarded damages for wrongful dismissal; nominal damages for malicious falsehood.

Orders

  • Declaratory relief that SM is beneficial owner of KS and Mehboob shares; PS and Mehboob hold shares on trust for SM.
  • ISTIL Group to pay damages to SM for wrongful dismissal.