HRH Princess Deema Bint Sultan Bin Abdulaziz Al Saud v Ronald William Gibbs

HRH Princess Deema Bint Sultan Bin Abdulaziz Al Saud v Ronald William Gibbs

Mr. Gibbs is in breach of the Settlement Agreement by failing to liquidate and return the funds or assets as agreed. He is contractually estopped from denying the existence and value of the assets listed in the 2018 Investor Summary. The best evidence of the claimant's loss is the value of US$24,561,691 as represented in the Settlement Agreement, plus consequential losses for loss of use of the funds, calculated at a compounding rate of 9% per annum from April 2018 to judgment. Mr. Gibbs' failure to provide disclosure and his being debarred from defending mean all evidential uncertainties are resolved against him.

Parties
Claimant: HRH Prince Khaled Bin Sultan Bin Abdulaziz Al Saud; Claimant: HRH Princess Deema Bint Sultan Bin Abdulaziz Al Saud; Defendant: Ronald William Gibbs; Non Cause of Action Respondent: Sunnydale Services Limited
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil (commercial) / Final Judgment After Trial; Summary Judgment Previously Granted on Part of Claim
Outcome
Judgment for the claimant
Legal Topics
Breach of Contract, Breach of Trust, Contractual Estoppel, Damages, Disclosure, Freezing Orders, Enforcement of Judgments
Contract Law Trust Law Civil Procedure Breach of Contract Breach of Trust Contractual Estoppel Damages Disclosure +2 more

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Parties

HRH Prince Khaled Bin Sultan Bin Abdulaziz Al Saud

Claimant

HRH Princess Deema Bint Sultan Bin Abdulaziz Al Saud

Claimant

Ronald William Gibbs

Defendant

Sunnydale Services Limited

Non Cause of Action Respondent

Procedural Posture

Civil (commercial) / Final Judgment After Trial; Summary Judgment Previously Granted on Part of Claim

Legal Issues

  1. 1 Whether the defendant breached the Settlement Agreement by failing to liquidate and return funds as agreed
  2. 2 Whether the defendant is estopped from denying the existence and value of assets listed in the Settlement Agreement
  3. 3 Quantum of damages due to the claimant for breach of contract and/or trust

Ratio Decidendi

Mr. Gibbs is in breach of the Settlement Agreement by failing to liquidate and return the funds or assets as agreed. He is contractually estopped from denying the existence and value of the assets listed in the 2018 Investor Summary. The best evidence of the claimant's loss is the value of US$24,561,691 as represented in the Settlement Agreement, plus consequential losses for loss of use of the funds, calculated at a compounding rate of 9% per annum from April 2018 to judgment. Mr. Gibbs' failure to provide disclosure and his being debarred from defending mean all evidential uncertainties are resolved against him.

Court Disposition

Judgment for the claimant

Orders

  • Defendant to pay US$24,561,691 to the claimant as damages for breach of contract, plus consequential losses calculated at 9% compound interest per annum from 25 April 2018 to judgment.
  • Claim for breach of trust/fiduciary duty stood over for possible future relief.