Citicorp Trustee Company Ltd & Anor v Al-Sanea & Anor

Citicorp Trustee Company Ltd & Anor v Al-Sanea & Anor

The claimants are entitled to summary judgment because the defendants defaulted under the Sub-Lease and Head Lease, failed to pay the sums due, did not defend the proceedings, and there is no compelling reason for trial. Service was validly effected, the English court has jurisdiction, and the indemnity and costs provisions are enforceable.

Parties
Claimant: Citicorp Trustee Company Limited; Claimant: Golden Belt 1 Sukuk Company B. S. C(c) (In Liquidation); Defendant: Mr Maan Abdulwahed Al-Sanea; Defendant: Saad Trading, Contracting and Financial Services Company
Jurisdiction
England and Wales
Judgment Date
10 November 2017
Procedural Posture
Commercial Claim (summary Judgment Application) / Judgment on Summary Judgment Application
Outcome
Summary judgment granted for the claimants
Legal Topics
Summary Judgment, Jurisdiction, Service of Process, Indemnity, Islamic Finance (sukuk), Default Under Lease Agreements
Commercial Law Contract Law Banking and Finance Summary Judgment Jurisdiction Service of Process Indemnity Islamic Finance (sukuk) +1 more

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Parties

Citicorp Trustee Company Limited

Claimant

Golden Belt 1 Sukuk Company B. S. C(c) (In Liquidation)

Claimant

Mr Maan Abdulwahed Al-Sanea

Defendant

Saad Trading, Contracting and Financial Services Company

Defendant

Procedural Posture

Commercial Claim (summary Judgment Application) / Judgment on Summary Judgment Application

Legal Issues

  1. 1 Whether the claimants are entitled to summary judgment against the defendants for sums due under the Head Lease, Sub-Lease, and Costs Undertaking
  2. 2 Whether service of process was validly effected on the defendants
  3. 3 Whether the English court has jurisdiction under the relevant agreements

Ratio Decidendi

The claimants are entitled to summary judgment because the defendants defaulted under the Sub-Lease and Head Lease, failed to pay the sums due, did not defend the proceedings, and there is no compelling reason for trial. Service was validly effected, the English court has jurisdiction, and the indemnity and costs provisions are enforceable.

Court Disposition

Summary judgment granted for the claimants

Orders

  • Saad to pay Golden Belt US$668,271,643.19 plus £465,554.15
  • Mr Al-Sanea to pay Golden Belt US$588,651,324.60 plus £465,554.15 (not cumulative with Saad's liability)