Byers v Saudi National Bank [2022] EWCA Civ 43 is a decision of the English Court of Appeal in the long running litigation between the liquidators of SAAD Investments Company Limited and various parties relating to the alleged defrauding of the insolvent company by one of its principals. The court was also required to rule on whether it was appropriate to apply a 'block discount' to the valuation of the shares when assessing damages. Although the Court of Appeal expressed an opinion on this matter, because the claim failed this part of judgment did not have any effect between the parties.
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| - Byers v Saudi National Bank (en)
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| - Byers v Saudi National Bank [2022] EWCA Civ 43 is a decision of the English Court of Appeal in the long running litigation between the liquidators of SAAD Investments Company Limited and various parties relating to the alleged defrauding of the insolvent company by one of its principals. The court was also required to rule on whether it was appropriate to apply a 'block discount' to the valuation of the shares when assessing damages. Although the Court of Appeal expressed an opinion on this matter, because the claim failed this part of judgment did not have any effect between the parties. (en)
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| - Byers v The Saudi National Bank (en)
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| - Mark Byers, Hugh Dickson and SAAD Investments Company Limited v The Saudi National Bank (en)
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| - Newey LJ, Asplin LJ and Popplewell LJ (en)
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| - (en)
- knowing receipt (en)
- dishonest assistance (en)
- proof of foreign law (en)
- share valuations (en)
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| - Byers v Saudi National Bank [2022] EWCA Civ 43 is a decision of the English Court of Appeal in the long running litigation between the liquidators of SAAD Investments Company Limited and various parties relating to the alleged defrauding of the insolvent company by one of its principals. The issues which the Court of Appeal had to determine were limited because of certain procedural irregularities in the way that the defendant, the Samba Financial Group, had conducted its defence. However, the central allegation was that the bank had knowingly received certain very valuable securities in Saudi Arabian companies which were beneficially owned by SAAD Investments Company Limited in breach of trust. However, because Saudi Arabian law did not recognise the concept of a trust, and did not have a system of conflict of laws, the defendants argued that the claim must necessarily fail. The defendants succeeded both in the High Court and in the Court of Appeal. The court was also required to rule on whether it was appropriate to apply a 'block discount' to the valuation of the shares when assessing damages. Although the Court of Appeal expressed an opinion on this matter, because the claim failed this part of judgment did not have any effect between the parties. (en)
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