Libyan Investment Authority & Ors v Roger Milner King & Ors

Libyan Investment Authority & Ors v Roger Milner King & Ors

The court found that the claimants failed to prove that the defendants made or procured any actionable fraudulent misrepresentations, failed to establish any breach of agency duty or dishonest assistance, and failed to prove any unlawful means conspiracy. The court held that the representations in the relevant letters were those of the professional advisers, not the defendants, and that the defendants did not act dishonestly or with knowledge of any breach of duty by Mr Layas. The claimants also failed to prove reliance or causation of loss.

Parties
Claimant: Libyan Investment Authority; Claimant: LIA Advisory Services (UK) Limited; Claimant: Maplecross Holdings Investment Company Limited; Defendant: Roger Milner King; Defendant: International Group Limited; Defendant: Beeson Property Investments Limited; Defendant: Stoke Park Estates; Defendant: Charles Montgomery Merry; Defendant: Conrad Strategic Partners Limited
Jurisdiction
England and Wales
Judgment Date
10 February 2023
Procedural Posture
Civil (commercial/chancery) / Final Judgment After Full Trial
Outcome
Claims dismissed in full.
Legal Topics
Fraudulent Misrepresentation, Breach of Fiduciary Duty, Dishonest Assistance, Unlawful Means Conspiracy, Agency Law, Valuation Disputes
Commercial Law Equity and Trusts Company Law Fraudulent Misrepresentation Breach of Fiduciary Duty Dishonest Assistance Unlawful Means Conspiracy Agency Law +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 9 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Libyan Investment Authority

Claimant

LIA Advisory Services (UK) Limited

Claimant

Maplecross Holdings Investment Company Limited

Claimant

Roger Milner King

Defendant

International Group Limited

Defendant

Beeson Property Investments Limited

Defendant

Stoke Park Estates

Defendant

Charles Montgomery Merry

Defendant

Conrad Strategic Partners Limited

Defendant

Procedural Posture

Civil (commercial/chancery) / Final Judgment After Full Trial

Legal Issues

  1. 1 Whether the defendants made or procured fraudulent misrepresentations as to the value of the joint venture and sites.
  2. 2 Whether the defendants owed and breached duties of honesty as agents of the claimants in instructing surveyors.
  3. 3 Whether the defendants dishonestly assisted a breach of fiduciary duty by Mr Layas, a director of LIA UK.

Ratio Decidendi

The court found that the claimants failed to prove that the defendants made or procured any actionable fraudulent misrepresentations, failed to establish any breach of agency duty or dishonest assistance, and failed to prove any unlawful means conspiracy. The court held that the representations in the relevant letters were those of the professional advisers, not the defendants, and that the defendants did not act dishonestly or with knowledge of any breach of duty by Mr Layas. The claimants also failed to prove reliance or causation of loss.

Court Disposition

Claims dismissed in full.

Orders

  • All claims by the claimants are dismissed.
  • Any issues of quantum are moot and reserved only if liability is established on appeal.