Fiona Trust & Holding Corporation & 75 Ors v Yuri Privalov & 28 Ors

Fiona Trust & Holding Corporation & 75 Ors v Yuri Privalov & 28 Ors

Mr. Nikitin and Milmont are liable to account for sums received under the Clarkson commissions scheme; they cannot offset the share sale prices as discharge. Interest on equitable compensation is to be awarded at three-month US$ LIBOR plus 2.5%, compounded quarterly. No order for costs between claimants and Mr. Nikitin/Standard Maritime defendants due to limited success and dishonest conduct; claimants to pay Mr. Skarga's and Mr. Izmaylov's costs, assessed on standard and indemnity bases respectively.

Parties
Claimants: Fiona Trust & Holding Corporation and 75 ors.; Defendants: Yuri Privalov and 28 ors.; Pt. 20 Claimants: Yuri Nikitin and anr.; Pt. 20 Defendant: H. Clarkson & Company Ltd; Claimants: Intrigue Shipping Inc. and 50 ors.; Defendants: H. Clarkson & Company Ltd. and 8 ors.; Claimants: Fiona Trust & Holding Corp. and 9 ors.; Defendants: Dmitri Skarga and 3 ors.; Defendant: Tagir Izmaylov
Jurisdiction
England and Wales
Judgment Date
24 March 2011
Procedural Posture
Commercial Civil Litigation (multi Party) / Post Trial Judgment on Relief, Interest, and Costs
Outcome
Relief granted in part; interest and costs orders made as specified.
Legal Topics
Account of Profits, Equitable Compensation, Compound Interest, Costs Orders, Assessment of Interest Rates, Dishonest Assistance, Knowing Receipt
Commercial Law Equity Civil Procedure Account of Profits Equitable Compensation Compound Interest Costs Orders Assessment of Interest Rates +2 more

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Parties

Fiona Trust & Holding Corporation and 75 ors.

Claimants

Yuri Privalov and 28 ors.

Defendants

Yuri Nikitin and anr.

Pt. 20 Claimants

H. Clarkson & Company Ltd

Pt. 20 Defendant

Intrigue Shipping Inc. and 50 ors.

Claimants

H. Clarkson & Company Ltd. and 8 ors.

Defendants

Fiona Trust & Holding Corp. and 9 ors.

Claimants

Dmitri Skarga and 3 ors.

Defendants

Tagir Izmaylov

Defendant

Procedural Posture

Commercial Civil Litigation (multi Party) / Post Trial Judgment on Relief, Interest, and Costs

Legal Issues

  1. 1 Whether Mr. Nikitin and Milmont are liable to account for sums received under the Clarkson commissions scheme for certain ship purchases
  2. 2 Appropriate rate and compounding period for interest on equitable compensation
  3. 3 Proper allocation and assessment of costs among multiple parties

Ratio Decidendi

Mr. Nikitin and Milmont are liable to account for sums received under the Clarkson commissions scheme; they cannot offset the share sale prices as discharge. Interest on equitable compensation is to be awarded at three-month US$ LIBOR plus 2.5%, compounded quarterly. No order for costs between claimants and Mr. Nikitin/Standard Maritime defendants due to limited success and dishonest conduct; claimants to pay Mr. Skarga's and Mr. Izmaylov's costs, assessed on standard and indemnity bases respectively.

Court Disposition

Relief granted in part; interest and costs orders made as specified.

Orders

  • Milmont and Mr. Nikitin to account for sums received under the Clarkson commissions scheme for specified transactions.
  • Interest on equitable compensation at three-month US$ LIBOR plus 2.5%, compounded quarterly, from a date to be determined until judgment.