Alta Trading UK Limited & Ors v Peter Miles Bosworth & Ors

Alta Trading UK Limited & Ors v Peter Miles Bosworth & Ors

The Claimants failed to prove any fraudulent diversion of profits or opportunities by the Defendants. The use of Arcadia Lebanon and intermediaries was agreed with Farahead to manage compliance risks and was not concealed. The Defendants acted honestly and within their discretion as directors. No breach of fiduciary...

Source-derived case information.

Parties
Claimant: Alta Trading UK Limited (formerly Arcadia Petroleum Limited); Arcadia Energy (Suisse) SA; Arcadia Energy Pte. Ltd.; Farahead Holdings Limited; Defendant: Peter Miles Bosworth; Defendant: Colin Hurley; Defendant (former): Stephen Clive Langford Gibbons; Defendant (former): Mark Richard Lance; Defendant: Steven Kelbrick; Defendant (former): Salem Chucri Mounzer; Defendant: Arcadia Petroleum SAL Offshore (Arcadia Lebanon); Defendant: Arcadia Petroleum Limited, Mauritius (Arcadia Mauritius); Defendant: Attock Oil International Limited, Mauritius (Attock Mauritius); Defendant (former): The Cornhill Group Limited
Jurisdiction
England and Wales
Judgment Date
22 January 2025
Procedural Posture
Commercial Fraud and Breach of Fiduciary Duty / Final Judgment After Full Trial
Outcome
Claim dismissed; counterclaims succeed in part
Legal Topics
Fraudulent Diversion of Profits, Breach of Fiduciary Duty, Unlawful Means Conspiracy, Dishonest Assistance, Knowing Receipt, Swiss Company Law (article 717 Sco), Remedies: Account of Profits, Damages, Limitation of Actions
Commercial Law Company Law Equity and Trusts Civil Procedure Fraudulent Diversion of Profits Breach of Fiduciary Duty Unlawful Means Conspiracy Dishonest Assistance +4 more

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Parties

Alta Trading UK Limited (formerly Arcadia Petroleum Limited); Arcadia Energy (Suisse) SA; Arcadia Energy Pte. Ltd.; Farahead Holdings Limited

Claimant

Peter Miles Bosworth

Defendant

Colin Hurley

Defendant

Stephen Clive Langford Gibbons

Defendant (former)

Mark Richard Lance

Defendant (former)

Steven Kelbrick

Defendant

Salem Chucri Mounzer

Defendant (former)

Arcadia Petroleum SAL Offshore (Arcadia Lebanon)

Defendant

Arcadia Petroleum Limited, Mauritius (Arcadia Mauritius)

Defendant

Attock Oil International Limited, Mauritius (Attock Mauritius)

Defendant

The Cornhill Group Limited

Defendant (former)

Procedural Posture

Commercial Fraud and Breach of Fiduciary Duty / Final Judgment After Full Trial

Legal Issues

  1. 1 Whether the Defendants fraudulently diverted profits and opportunities from the Arcadia Group via 'inserted entities' (Arcadia Lebanon, Arcadia Mauritius, Attock Mauritius)
  2. 2 Whether Mr Bosworth and Mr Hurley breached fiduciary duties to the Arcadia Group
  3. 3 Whether Mr Kelbrick and Attock Mauritius dishonestly assisted or knowingly received proceeds of breaches of duty

Ratio Decidendi

The Claimants failed to prove any fraudulent diversion of profits or opportunities by the Defendants. The use of Arcadia Lebanon and intermediaries was agreed with Farahead to manage compliance risks and was not concealed. The Defendants acted honestly and within their discretion as directors. No breach of fiduciary duty, dishonest assistance, knowing receipt, or conspiracy was established. The counterclaims for unpaid bonuses and profit shares by Mr Bosworth and Mr Hurley succeed in part.

Court Disposition

Claim dismissed; counterclaims succeed in part

Orders

  • Claimants' claims dismissed in full
  • Mr Bosworth awarded US$6.7 million for Cushing project and US$2.559 million for unpaid bonuses, subject to set-off and interest