Cobussen Principal Holdings Limited v (1) Ghouse Akbar (2) Legacy Holdings Limited Judgment

Judgment was handed down today by Mr Justice Edis in Cobussen Principal Investment Holdings Ltd v Ghouse Akbar and ors [2020] EWHC 2805 (QB). James Weale acted for the successful claimant in an application for a final charging order over a valuable London property in order to enforce a BVI judgment debt of £15.7m.

The Court found that a purported discretionary beneficiary was the sole beneficial owner of the property notwithstanding that it was legally owned by a company which, in turn, was held within a discretionary trust. The Court concluded that Mr Akbar had failed to rebut the presumption of a resulting trust. The judgment demonstrates the willingness of the Courts to look at the commercial reality which lies behind complex holding structures.