Treo Noal GP S.à r.l & Ors v Stefan Emanuel Kowski & Ors

Treo Noal GP S.à r.l & Ors v Stefan Emanuel Kowski & Ors

The court held that disclosure should be ordered on all key pleaded issues, applying the principles of proportionality and relevance under PD 57AD, and rejected inclusion of peripheral or non-material issues. Appropriate disclosure models were determined for each issue based on the nature and significance of the issue and the parties' positions.

Parties
Claimant: Treo Noal GP S.à r.l; Claimant: Noal SCSp (acting by its managing general partner Treo Noal GP S.à r.l); Claimant: Northpole Holdco S.à r.l; Claimant: Northpole Bidco S.à r.l; Defendant: Mr Stefan Emanuel Kowski; Defendant: Mr Stephen Mark Peel; Defendant: Mr Bastian Frederik Lueken
Jurisdiction
England and Wales
Judgment Date
03 May 2026
Procedural Posture
Commercial / Disclosure Guidance Hearing Following Case Management Conference
Outcome
Disclosure guidance given; issues for disclosure determined and models specified; certain issues excluded.
Legal Topics
Disclosure, Fraudulent Misrepresentation, Unlawful Means Conspiracy, Bribery, Valuation of Assets, Fund Management, ESG Concerns
Civil Procedure Commercial Law Disclosure Fraudulent Misrepresentation Unlawful Means Conspiracy Bribery Valuation of Assets Fund Management +1 more

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Parties

Treo Noal GP S.à r.l

Claimant

Noal SCSp (acting by its managing general partner Treo Noal GP S.à r.l)

Claimant

Northpole Holdco S.à r.l

Claimant

Northpole Bidco S.à r.l

Claimant

Mr Stefan Emanuel Kowski

Defendant

Mr Stephen Mark Peel

Defendant

Mr Bastian Frederik Lueken

Defendant

Procedural Posture

Commercial / Disclosure Guidance Hearing Following Case Management Conference

Legal Issues

  1. 1 Whether defendants were involved in making the 1 February 2019 Recommendation Letter and its representations
  2. 2 Whether defendants believed NoA representations were true and if they became aware of their falsity
  3. 3 Whether LPs relied on NoA representations

Ratio Decidendi

The court held that disclosure should be ordered on all key pleaded issues, applying the principles of proportionality and relevance under PD 57AD, and rejected inclusion of peripheral or non-material issues. Appropriate disclosure models were determined for each issue based on the nature and significance of the issue and the parties' positions.

Court Disposition

Disclosure guidance given; issues for disclosure determined and models specified; certain issues excluded.

Orders

  • Issue 4 included as a separate issue for disclosure.
  • Issue 9 formulated as specified and included; issue 18 struck out.