Corinth Pipeworks SA Barclays Bank Plc v 1) Afras Ltd (2) Radhakrishnan Kumar [2010] DIFC CFI 024 (12 January 2015)

Corinth Pipeworks SA Barclays Bank Plc v 1) Afras Ltd (2) Radhakrishnan Kumar [2010] DIFC CFI 024 (12 January 2015)

Afras Ltd and Mr Kumar defrauded Corinth Pipeworks SA of US$24 million by dishonestly misrepresenting payments, fabricating documents and emails, and siphoning funds. The commission claim and written acknowledgments were fabricated. Barclays Bank PLC, having settled with Corinth, is entitled to contribution from Afras Ltd and Mr Kumar for the amount paid, as they would have been liable for the same loss. Article 56 does not bar the claim for contribution.

Citation
[2010] DIFC CFI 024
Parties
Claimant: Corinth Pipeworks SA; Defendant/part 21 Claimant: Barclays Bank PLC; Part 21 Defendant: Afras Ltd; Part 21 Defendant: Radhakrishnan Nanda Kumar
Jurisdiction
United Arab Emirates
Judgment Date
12 January 2015
Procedural Posture
Civil Commercial / Judgment After Trial of Claim and Part 21 Claim
Outcome
Judgment for Barclays Bank PLC against Afras Ltd and Radhakrishnan Nanda Kumar for US$3,900,000 plus interest and costs, joint and several liability.
Legal Topics
Contribution and Indemnity, Unlawful Means Conspiracy, Deceit, Misrepresentation, Set Off, Jurisdiction, Fabrication of Evidence
Commercial Law Banking Law Fraud Contract Law Contribution and Indemnity Unlawful Means Conspiracy Deceit Misrepresentation +3 more

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Parties

Corinth Pipeworks SA

Claimant

Barclays Bank PLC

Defendant/part 21 Claimant

Afras Ltd

Part 21 Defendant

Radhakrishnan Nanda Kumar

Part 21 Defendant

Procedural Posture

Civil Commercial / Judgment After Trial of Claim and Part 21 Claim

Legal Issues

  1. 1 Whether Afras Ltd and Mr Kumar defrauded Corinth Pipeworks SA of US$24 million
  2. 2 Whether Barclays Bank PLC is entitled to contribution or indemnity from Afras Ltd and Mr Kumar after settling with Corinth
  3. 3 Whether the commission claim and written acknowledgments relied on by Afras/Mr Kumar are genuine or fabricated

Ratio Decidendi

Afras Ltd and Mr Kumar defrauded Corinth Pipeworks SA of US$24 million by dishonestly misrepresenting payments, fabricating documents and emails, and siphoning funds. The commission claim and written acknowledgments were fabricated. Barclays Bank PLC, having settled with Corinth, is entitled to contribution from Afras Ltd and Mr Kumar for the amount paid, as they would have been liable for the same loss. Article 56 does not bar the claim for contribution.

Court Disposition

Judgment for Barclays Bank PLC against Afras Ltd and Radhakrishnan Nanda Kumar for US$3,900,000 plus interest and costs, joint and several liability.

Orders

  • Afras Ltd and Radhakrishnan Nanda Kumar to pay Barclays Bank PLC US$3,900,000 within 14 days.
  • Afras Ltd and Radhakrishnan Nanda Kumar to pay interest: US$32,331.57 for 24 April 2014 to 26 July 2014; US$335.354 per day from 27 July 2014 onwards at 3.13857% per annum until payment.