Rajabieslami v Tariverdi & Ors [2024] EWHC 1030 (Comm) (08 May 2024)

Rajabieslami v Tariverdi & Ors [2024] EWHC 1030 (Comm) (08 May 2024)

The Declaration of Trust and Amendment were genuine and effective to create a bare trust over the shares in Desero for the claimant. The Rug Transaction Documents were forgeries and no consideration was given for the transfer of shares. The defendants, by selling the vessel without the claimant's consent, committed a breach of trust. The claimant is entitled to equitable compensation for the value of the vessel at the date of sale and profits made from unauthorised use.

Citation
[2024] EWHC 1030 (Comm)
Parties
Claimant: Dr Morteza Rajabieslami; Defendant: Mr Sam Tariverdi; Defendant: Melousa Inc; Defendant: Passa Navigation Inc
Jurisdiction
England and Wales
Judgment Date
08 May 2024
Procedural Posture
Commercial Court Claim / Final Judgment After Trial; Defendants Debarred From Defending Due to Non Compliance With Unless Order
Outcome
Claim allowed; judgment for claimant
Legal Topics
Breach of Trust, Beneficial Ownership, Forgery, Equitable Compensation, Ship Sale, Document Authenticity
Trusts Commercial Law Shipping Law Breach of Trust Beneficial Ownership Forgery Equitable Compensation Ship Sale +1 more

Case Brief

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Parties

Dr Morteza Rajabieslami

Claimant

Mr Sam Tariverdi

Defendant

Melousa Inc

Defendant

Passa Navigation Inc

Defendant

Procedural Posture

Commercial Court Claim / Final Judgment After Trial; Defendants Debarred From Defending Due to Non Compliance With Unless Order

Legal Issues

  1. 1 Whether Declaration of Trust and Amendment are genuine and effective to create a trust over Desero shares for the claimant
  2. 2 Whether the Rug Transaction Documents are genuine or forgeries
  3. 3 Whether the sale of the vessel constituted a breach of trust

Ratio Decidendi

The Declaration of Trust and Amendment were genuine and effective to create a bare trust over the shares in Desero for the claimant. The Rug Transaction Documents were forgeries and no consideration was given for the transfer of shares. The defendants, by selling the vessel without the claimant's consent, committed a breach of trust. The claimant is entitled to equitable compensation for the value of the vessel at the date of sale and profits made from unauthorised use.

Court Disposition

Claim allowed; judgment for claimant

Orders

  • Defendants to pay claimant US$ 12,279,568.15 as equitable compensation for breach of trust
  • No order for reconstitution of trust or redelivery of vessel