Bank of Credit & Commerce International SA & Anor v Saadi & Anor

Bank of Credit & Commerce International SA & Anor v Saadi & Anor

Mr. Saadi, as account manager and constructive trustee, breached fiduciary duty and trust by participating in the ACU fraud. BCCI is entitled to equitable compensation and compound interest. No limitation period applies due to Section 21(1)(a) Limitation Act 1980.

Parties
Claimant: Bank of Credit & Commerce International SA (In Compulsory Liquidation); Claimant: Bank of Credit & Commerce International (Overseas) Limited (In Liquidation); Defendant: Shahabuddin Saadi; Defendant: Asifa Saadi
Jurisdiction
England and Wales
Judgment Date
12 October 2005
Procedural Posture
Civil / Summary Judgment Application
Outcome
summary judgment granted for claimants against first defendant
Legal Topics
Breach of Trust, Breach of Fiduciary Duty, Constructive Trust, Limitation Period, Compound Interest, Summary Judgment
Trust Law Fiduciary Duty Fraud Breach of Trust Breach of Fiduciary Duty Constructive Trust Limitation Period Compound Interest +1 more

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Parties

Bank of Credit & Commerce International SA (In Compulsory Liquidation)

Claimant

Bank of Credit & Commerce International (Overseas) Limited (In Liquidation)

Claimant

Shahabuddin Saadi

Defendant

Asifa Saadi

Defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether Mr. Saadi breached fiduciary duty and/or trust by participating in the ACU fraud
  2. 2 Whether BCCI is entitled to equitable compensation and compound interest
  3. 3 Whether limitation period bars the claim

Ratio Decidendi

Mr. Saadi, as account manager and constructive trustee, breached fiduciary duty and trust by participating in the ACU fraud. BCCI is entitled to equitable compensation and compound interest. No limitation period applies due to Section 21(1)(a) Limitation Act 1980.

Court Disposition

summary judgment granted for claimants against first defendant

Orders

  • Judgment for claimants in the sum of £3,174,215.68 plus interest of £14,746,130.87
  • First defendant to pay claimants' costs, subject to detailed assessment on indemnity basis